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A basket of tomatoes sells in the open market for $ 8.00. The quantity sold is 500 Kg. In an effort to stimulate demand, the

A basket of tomatoes sells in the open market for $ 8.00. The quantity sold is 500 Kg. In an effort to stimulate demand, the local cooperative lowered the price to $ 7.50. At this price, the new quantity demanded increased to 600 Kg. What is the price elasticity of demand?

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