Ask Question
5 July, 16:40

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

+2
Answers (1)
  1. 5 July, 17:54
    0
    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.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Given that total revenue = price x quantity, what will happen to total revenue if price increases when demand is elastic? ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers