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Roger used to sell mobile phones with headphone jacks for $400 but due to new technology eliminating headphone jacks he now sells the phones for
Roger used to sell mobile phones with headphone jacks for $400 but due to new technology eliminating headphone jacks he now sells the phones for $500. This causes the quantity demanded to fall from the old quantity of 1,500 to the new quantity of 1,000. Calculate the own-price elasticity. Are Roger's phone price elastic, inelastic, or unitary elastic?
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