A Study of About 1800 U $q = 11,684 - 2.3 p$

Multiple Choice

A study of about 1800 U.S. colleges and universities resulted in the demand equation $q = 11,684 - 2.3 p$
Where q is the enrollment at a college or university and p is the average annual tuition (plus fees) it charges. The study also found that the average tuition charged by universities and colleges was $2,771. What is the corresponding elasticity of demand Round your answer to the two decimal places.

A) 0.72
B) 2.40
C) -1.20
D) 1.80
E) 1.20