The elasticity of demand coefficient for lobster is estimated to be equal to 0.6. It is expected, therefore, that a 10% increase in price would lead to:
a. a 10% increase in the quantity of lobsters demanded.
b. a 0.6% increase in the quantity of lobsters demanded.
c. a 6% increase in the quantity of lobsters demanded.
d. a 6% decrease in the quantity of lobsters demanded.
e. a 10% decrease in the quantity of lobsters demanded.