When the price of polarised sunglasses was $79, consumers bought 6 from one firm. When the price changed to $6, consumers bought 94.

From the data, and assuming other things being equal, calculate the price elasticity of demand for polarised sunglasses. Include the sign (+/-) of the elasticity.

1. Restate the numerical elasticity you calculated in the last question, along with a literal interpretation, i.e "This elasticity of ___ can be interpreted to mean that if...".
2. What would be the expected effect on revenue for the firm, if the price of polarised sunglasses were to rise?