Map Exercise 1-1 
-Refer to Map Exercise 1-1. Mark the location of each of the following cities:
Buenos Aires
Caracas
Lima
Mexico City
Panama
Santiago
Definitions:
Reduce Smoking
The act of decreasing the frequency or amount of tobacco consumption.
Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating consumer sensitivity to price changes.
Marginal Cost
Marginal cost represents the change in total cost that arises when the quantity produced changes by one unit.
Profit-maximizing Price
The optimal price level for a good or service at which a firm can achieve the highest possible profit, given its cost structure and demand curve.
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