In 2003, when music downloading first took off, Universal Music slashed the price of a CD from
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In 2003, when music downloading first took off, Universal Music slashed the price of a CD from $21 to $15. The company said that it expected the price cut to boost the quantity of CDs sold by 30 percent, other things remaining the same.
What was Universal Music’s estimate of the price elasticity of demand for CDs? Was the demand estimated to be elastic or inelastic?
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