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Suppose that a drought spoils the banana crop, the price rises from $11.00 to $13.00 per bunch and the quantity demanded decreases from 25,000 to

Suppose that a drought spoils the banana crop, the price rises from $11.00 to $13.00 per bunch and the quantity demanded decreases from 25,000 to 23,000 bunches per week. Calculate, and interpret, the price elasticity of demand.

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