Figure 2.

(A) Obtained (circles) and Eq. 1-predicted (lines) conventional cigarette demand as a function of base cigarette price (log₁₀x-axis) and e-liquid subsidization rate. Cigarette demand remained unchanged across changes in e-liquid subsidization. (B) 24 mg/mL e-liquid substitution functions as a function of base cigarette price (log₁₀x-axis) and e-liquid subsidization rate. 24 mg/mL e-liquid was a significant substitute across all subsidization rates and e-liquid initial intensity increased significantly as a function of increasing subsidization rate. Error bars represent +/−1 SEM.