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Briefly explain how total revenue will be affected

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Q1. Briefly explain how total revenue (TR) will be affected in each of the following cases (use the TR formula):

(a) Demand is perfectly inelastic (Ed=0) and price increases

(b) Demand is inelastic and price decreases

Q2. "If a good is price inelastic, then increasing the good's price will result in a decrease in total revenue."

Is the above statement true or false? Explain.

Q3. "If a good is price inelastic, then increasing the good's price will result in a decrease in total revenue."

Is the above statement true or false? Explain.

Reference no: EM131574659

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