The Teenager Company makes and sells skateboards at an average price of $70 each.

The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. If it decreases its price to $63, what should be the quantity sold? Will the revenue increase? Why?