The Teenager Company makes and sells skateboards at an average price of $70 each. During the past

Question:

The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. If it decreases the price to $03. what should be the quantity sold? Will revenue increase? Why?