A consumer spends 1,000 on a good priced at 10 per unit. When its price falls by 20 per cent,
the consumer spends 800 on the good. Calculate the price elasticity of demand by the percentage
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The evolution from agriculture to agribusiness has brought with it numerous benefits. These include reduced drudgery for laborers; the release of workers for nonagricultural endeavors; a better quality of food and fibers; a greater variety of products; improved nutrition; and increased mobility of people.
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