An independent manufacturer of specialized carbon-fiber bicycle frames operates with some spare capacity and has estimated the price elasticity of supply (PES) of its frames to be +1.6. Following a sudden contraction in market demand, the equilibrium price of these frames falls by 12.5%. Which one of the following is the resulting percentage change in the quantity supplied of these carbon-fiber frames?
A decrease of 7.81%7.81\%7.81%
A decrease of 2.0%2.0\%2.0%
A decrease of 20.0%20.0\%20.0%
An increase of 20.0%20.0\%20.0%