The Price Elasticity of Demand for a Certain Agricultural Product

Multiple Choice

The price elasticity of demand for a certain agricultural product is constant (over the relevant range of prices) and equal to -1.50.The supply elasticity for this product is constant and equal to 4.Originally the equilibrium price of this good was $15 per unit.Then it was discovered that consumption of this product was unhealthy.The quantity that would be demanded at any price fell by 11%.The percent change in the long-run equilibrium consumption of this good was

A) -11%.
B) -8%.
C) -2%.
D) -12%.
E) There is not enough information to determine the answer.