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? (Convert the percentages to decimals, or simply remove the percentage sign before computing to avoid confusion interpreting the answer, and express the answer as an absolute value, that is, as a positive number.) Calculate the elasticity to the second decimal place.