The storybook is one unit plus an extra $2; the eraser packet is one unit. Together they make $12.

[[model:questions/solutions/q2424.png]]

• 2 units + $2 → $12
• 2 units → $12 − $2 = $10
• 1 unit → $10 ÷ 2 = $5

The packet of erasers costs $5.
Check: $5 (erasers) + $7 (storybook) = $12. ✓