Ghose and Han(2014) found that the elasticity of demand for Google Play apps is negative 3.7

3.7. This elasticity applies to a small college town where approximately1,000 apps per month are sold.

If price rises by 1

1%, what would be the effect on quantitydemanded?

The quantity demanded will decrease

by

negative 3.7

3.7 percent.(Enter your response rounded to one decimalplace.)

Would revenue rise orfall?

Revenue would