Scenario 4.3: The Demand for Erasers (Q) Is Given as Follows

question 37

Multiple Choice

Scenario 4.3:
The demand for erasers (Q) is given as follows:
Q = 240 - 4Pe + 2I + Pb + A
where Pe is the price of erasers
I is the level of income
Pb is the price of another good
A is the level of advertising
Suppose that Q = 240, Pe = 10, Pb = 10, and A = 2.
-Given the information in Scenario 4.3, it would be correct to say that demand is:

• A) infinitely elastic.
• B) elastic, but not infinitely elastic.
• C) unit elastic (Ep = -1).
• D) inelastic, but not completely inelastic.
• E) completely inelastic.

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