According to the Estimates of a Harvard Economist, the Demand

Multiple Choice

According to the estimates of a Harvard economist, the demand for cocaine is unit elastic.This means if the price of cocaine were to rise by 10 percent, (i) quantity consumed would fall 10 percent and (ii) dealer income from the sale of cocaine would fall 10 percent.Which of these two statements are correct?

A) i and ii
B) i not ii
C) ii not i
D) neither i nor ii