Elena Rostova, Chief Financial Officer of AeroTerra, highlighted that software subscription costs remain the main hurdle for medium-sized farming co-operatives. Discussing their premium analytics platform, TerraMap Pro, she observed: 'Evaluating the price sensitivity of our agricultural clients has been challenging. However, our recent subscription adjustments indicate that demand is highly responsive to price fluctuations.'

In April 2024, AeroTerra reduced the annual subscription price of TerraMap Pro by £375 from its original price of £2,500. Market analysts forecast that this price reduction will lead to a 24% increase in the quantity of subscriptions demanded. Ceteris paribus, calculate the price elasticity of demand for the TerraMap Pro subscription. You are advised to show your working.