Several years after it opened, the $4 billion investment in Disneyland Paris was in trouble. In an attempt to reduce losses and hoping to make a profit, Disney management decided to lower prices. Entrance fees during peak periods (April 1 to October 31) dropped from $50 to $40. Park attendance increased by 700,000 visitors and revenues increased by 22 percent.

Is the price elasticity of demand for Disneyland Paris elastic, inelastic, or unit elastic in the price range of $40 to $50?