Question: The demand for a product is P = 1000 - 0.25Q (or Q = 4000 - 4P) where P represents the price (in dollars) and

The demand for a product is P = 1000 - 0.25Q (or Q = 4000 - 4P) where P represents the price (in dollars) and Q is the quantity purchased. If the price of each product is $400, what is the price elasticity of demand?

Group of answer choices

-(1/3) or ~ -0.33

-(2/3) or ~ -0.67

-1.5

-3

-(1/4) or 0.25

-4

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