In 2013, three major newspapers in Hong Kong—Apple Daily, Oriental Daily News, and The Sun—raised their prices from HK$6 to HK$7, representing a 20 percent increase. They anticipated that revenues would increase by about 20 percent as a result. They were disappointed, therefore, to see revenues increase by only 10 percent after the price hike. What can you infer about the elasticity of demand for newspapers in Hong Kong? What were the publishers assuming about the elasticity of demand?