Due to a reduction in raw material costs, the market price of premium organic oat milk falls by 12%. If the price elasticity of supply (PES) for this brand of oat milk is +1.6, the quantity supplied of organic oat milk will:
decrease by 7.5%7.5\%7.5%
decrease by 19.2%19.2\%19.2%
increase by 19.2%19.2\%19.2%
decrease by 13.6%13.6\%13.6%
