Suppose that Acme medicine is currently selling a diabetes medicine for $200. They know their product is very inelastic since it is a necessity for those that need the drug. The marketing department determines the product has an elasticity of 0.15. Suppose next period Acme decides to increase the price of their diabetes medicine by 5% and there are no changes in consumers' income, nor changes in the prices of related products. Acme can expect the quantity demanded for their diabetes medicine to decline by Please round to two decimal places.

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