Thailand raised the minimum wage to 300 baht for formal sector workers in all provinces in 2013. Suppose that one province with a large manufacturing sector employed 20,000 people. The province saw an increase in the minimum wage from 200 to 300 baht per day for formal workers. A few months after the minimum wage increase the total provincial employment of formal workers in manufacturing declined to 16,000 people. What is the own-wage elasticity of demand? Is it elastic or inelastic?