The market demand function for four-year private universities is given by the equation here Qd pr is the number of applicants to private universities per year in thousands, Ppr is the average price of...

The market demand function for four-year private universities is given by the equation

here Qd pr is the number of applicants to private universities per year in thousands, Ppr is the average price of private universities (in thousands of USD), I is the household monthly income (in thousands of USD), and Ppu is the average price of public (government-supported) universities (in thousands of USD). Assume that Ppr is equal to 38, I is equal to 100, and Ppu is equal to 18.

The price elasticity of demand for private universities is closest to:

A. 3.1.

B. 1.9.

C. 0.6.