plzhelp3549 plzhelp3549
  • 16-01-2020
  • Mathematics
contestada

Given that total revenue = price x quantity, what will happen to total revenue if price increases when demand is elastic?

Respuesta :

sammyayol2013 sammyayol2013
  • 17-01-2020

Answer: the total revenue decreases

Step-by-step explanation:

In an elastic demand, an increase in price of of a product will lead to a large decrease in the quantity demanded resulting in a decrease in the total revenue acquired.

In the case above, given that the demand is elastic an increase in the price will lead to a decrease in the total revenue.

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