Is the demand for the soda Coke sells price elastic or price inelastic? Briefly explain.

[Related to Solved Problem 6.3 on page 253] According to a company news release, during the third quarter of 2014, the Coca-Cola Company sold 1 percent less soda in North America while earning more revenue. a. Did Coke increase or decrease its soda prices during this period? Briefly explain. b. Based on this information, is the demand for the soda Coke sells price elastic or price inelastic? Briefly explain.