Final answer:
A price increase for ibuprofen with high price elasticity would lead to a significant decrease in the quantity demanded and a reduction in consumer surplus, indicating lost economic benefit and reduced consumer welfare.
Step-by-step explanation:
When discussing the impact of a price increase on the demand for ibuprofen and consumer surplus, the price elasticity of demand is a critical factor. If ibuprofen has a high price elasticity, this means that the quantity demanded is sensitive to price changes. In this scenario, a price increase would lead to a significant decrease in the quantity demanded, thus reducing consumer surplus, which is the difference between what consumers are willing to pay and what they actually pay.
Consumer surplus acts as an indicator of consumer welfare, and a decrease in consumer surplus signals that consumers are losing some of their economic benefit due to the higher price. Therefore, a price increase for a product with high price elasticity would negatively impact both the quantity demanded and consumer surplus, reflecting consumers' reduced satisfaction and welfare.