Problem
Consider a consumer's demand function for a small window air conditioner:
P = 100 - 2Q.
(a) If this consumer is willing to pay $96.00 a piece, how many units would he or she buy?
(b) If at the store the consumer finds this item on sale for $82.00, how many units would he or she buy?
(c) How would these scenarios be depicted on a graph?
(d) Calculate the arc price elasticity of demand for this item.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.