Until November 2002, citizens of developing nations who wanted to visit the United States on a nonimmigrant basis had to pay $65 to submit a visa application. Starting at the end of 2002, these same visa application fees were raised to $100.

In a typical year prior to the increase in fees, 6.3 million residents from developing nations applied for nonimmigrant visas. In 2003, that number dropped to 3.7 million.

What is the price elasticity of demand for nonimmigrant visas?