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

question 34

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.
-The point price elasticity of demand is -1/2. The price of the product increases from $1.00 to $1.10. Given the information in Scenario 4.3, the quantity demanded will decrease by approximately:

• A) 5 units.
• B) 5 percent.
• C) 10 units.
• D) 10 percent.
• E) none of the above

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