Refer to the accompanying table to answer the following questions.
Price of Erasers Quantity Demanded Quantity Demanded
of Erasers of Pencils
$.50 10 12
$1.00 8 11
$1.50 7 10
$2.00 6 9
$2.50 5 8
The price of erasers increases from $0.50 to $1.00 per eraser. By what percentage does the quantity demanded of pencils change? (Use the midpoint method.)
a. -22.22 percent
b. 8.70 percent
c. 22.22 percent
d. -8.70 percent
e. 6.67 percent
