You bought one of great white shark repellant co.’s 10 percent coupon bonds one year ago for $810. these bonds make annual payments and mature 9 years from now. suppose you decide to sell your bonds today, when the required return on the bonds is 14 percent. if the inflation rate was 3.4 percent over the past year, what was your total real return on investment?

7.81%

8.10%

-4.23%

15.16%

7.71%

Anewspaper story on the effect of higher milk prices on the market for ice cream contained the following: "as a result [of the increase in milk prices], retail prices for ice cream are up 4 percent from last year. . and ice cream consumption is down 3 percent." source: john curran, "ice cream, they scream: milk fat costs drive up ice cream prices," associated press, july 23, 2001. based on the information given, what is the price elasticity of demand for ice cream?