Corn is presently $4.00 per bushel. If we reduce the price by 2.5%, to $3.90 per bushel, we observe that the quantity demanded increases by 1.5%. What is the price elasticity of demand for corn? Explain. (NOTE: Convert the percentages to decimals before computing to avoid confusion interpreting the answer, and express the answer as an absolute value, that is, as a positive number.)