Boden Company's Management Believes That Every 2% Increase in the Selling

Multiple Choice

Boden Company's management believes that every 2% increase in the selling price of one of the company's products would lead to a 5% decrease in the product's total unit sales. The product's variable cost is $19.30 per unit.
-The product's price elasticity of demand as defined in the text is closest to:

A) -3.01
B) -2.07
C) -1.89
D) -2.59