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Yesterday, a pairs of UGG boots cost $200, and Tom Brady was willing to buy 2 pairs. Today, UGG boots are on sale for $150,

  1. Yesterday, a pairs of UGG boots cost $200, and Tom Brady was willing to buy 2 pairs. Today, UGG boots are on sale for $150, and Tom is now willing to buy 4 pairs. Is Tom’s demand for UGGs elastic or inelastic? What is Tom’ elasticity of demand? (SHOW YOUR WORK)

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