Jim saw a decrease in the quantity demanded for his firm's product from 8000 to 6000 units a week when he raised the price of the product from $200 to $250. Based on this information, the demand for Jim's product is a) Elastic b) Unitary elastic c) Inelastic d) Hard to determine
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Jim saw a decrease in the quantity demanded for his firm's product from 8000 to 6000 units a week wh...
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