1.12 Ghose and Han (2014) found that the elasticity of demand for Google Play apps is -3.7. (See the Mini-Case: Demand Elasticities for Google Play and Apple Apps.) This elasticity applies to a small college town where approximately 1,000 apps per month are sold. If price rises by 5%, what would be the effect on quantity demanded? Would revenue rise or fall? What is the percentage change in revenue

(= price * quantity)?