Final answer:
When the price of copper decreases, the total revenue of copper sellers will rise.
Step-by-step explanation:
The price elasticity of demand for copper is -3.14. This means that a 1% decrease in the price of copper will result in a 3.14% increase in the quantity demanded.
Based on the price elasticity of demand, we can determine the effect on copper sellers' revenues if the price decreases. Since the price elasticity of demand is greater than 1 (elastic), a decrease in price will lead to an increase in total revenue for sellers.
When the price of copper decreases, the quantity demanded will increase by a greater percentage than the decrease in price. As a result, the increase in quantity demanded will offset the decrease in price, leading to a net increase in total revenue for copper sellers.