Explanation Given information: The statement “If elasticity E > 1 then revenue increases when price increases”. Elasticity enables us to analyze the effect of a price change on revenue. An increase in price usually leads to a fall in demand. However, the revenue may increase or decrease. The revenue R = p q is the product of two quantities, and as one increases, the other decreases. Elasticity measures the relative significance of these two competing changes

6th Edition

ISBN: 9781119399353

Author: DA

Publisher: JOHN WILEY+SONS,INC.-CONSIGNMENT

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Chapter 4, Problem 57SYU

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Chapter 4, Problem 56SYU

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To indicate: Whether the statement is true or false.

Solution Summary: The author explains that elasticity enables us to analyze the effect of a price change on revenue.