When price increases along the inelastic range of market demand, total revenues will go down?

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08-09-2022
Business

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When price increases along the inelastic range of market demand, total revenues will go down?

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Tutorconsortium338 Tutorconsortium338 · Answer 1 · 2022-09-13T20:05:11+02:00

A one percent change in price for an inelastic item causes a smaller than one percent change in the quantity required. Total revenue will grow when an inelastic good's price is raised, but total revenue will drop when its price is lowered.

Yes, it is true what it says.

What occurs when the price elasticity of demand increases?

When the price elasticity of demand is significantly high, the percentage change in quantity demanded is greater than the percentage change in price (Ed 1).
Therefore, when prices are raised, unit sales create more revenue, and vice versa, when prices are decreased (The Price Effect). Fewer units are sold when the price is increased (The Quantity Effect).

To learn more about Price Elasticity, click the links.

https://brainly.com/question/13565779

https://brainly.com/question/13691796

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