Question: Please explain how to come up with this answer? Question: If the price elasticity of demand for canned soup is estimated at -1.62. What happens

Please explain how to come up with this answer?

Question:

If the price elasticity of demand for canned soup is estimated at -1.62. What happens to sales revenue if the price of

canned soup rises?

Select one:

a. It falls.

b. It rises.

c. It rises by 1.62 percent.

d. It falls by 162 percent.

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