Elucidate how much does total revenue change

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Reference no: EM1361994

A monopolistically competitive firm faces a demand curve depicted by the formula P = 24 - 4Q, where P represents price and Q is quantity demanded.

When the monopolistically competitive firm lowers price from $16 to $12, how much does total revenue change?

A. Total revenue decreases by $8.

B. Total revenue increases by $4.

C. Total revenue does not change.

D. Total revenue increases by $12.

E. Total revenue increases by $8.

F. Total revenue decreases by $4

Reference no: EM1361994

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