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At a price of $100, the tourists rented 12 bicycles for the city tour from a local bicycle rental shop. When its rental price increased

At a price of $100, the tourists rented 12 bicycles for the city tour from a local bicycle rental shop. When its rental price increased to $125, 10 cycles were rented. Calculate the absolute value of the price elasticity of demand for rentals. Explain your answer.

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