Tesla's profit fell sharply in the first three months of the year after it cut the prices of its electric vehicles, the company said on Wednesday. The average selling price for Tesla's vehicles in the first quarter of this year was nearly $46,000, down from $51,400 in the last quarter of 2022. But despite that 11 percent decline, Tesla's vehicle deliveries were only 4 percent higher.

Based on the information in the article, what is the price elasticity of demand for Tesla?What would the value of the price elasticity of demand need to be for revenue to go up after the price cut?