In the market for hand-made guitars, when the price of guitars is $800, annual revenues are $640,000.

Question:

In the market for hand-made guitars, when the price of guitars is $800, annual revenues are $640,000. When the price falls to $700, annual revenues decline to $630,000. Over this range of guitar prices, is the demand for hand-made guitars elastic, unit-elastic, or inelastic?