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HinsonCo raises the price of its renown Hooked on Economics videos for preschoolers by 5%. Sales subsequently drop from 100,000 units per year to only

HinsonCo raises the price of its renown Hooked on Economics videos for preschoolers by 5%. Sales subsequently drop from 100,000 units per year to only 75,000 units. Calculate the price elasticity of demand. Be sure to show all your work.

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