INFO: Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy 8 boxes. What is Julie’s elasticity of demand? _____ (Hint: only a number goes here) Is Julie's demand for envelopes elastic or inelastic? Explain your answer in a complete sentence(s) here

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