Explanation Given information: The statement “An increase in price always causes an increase in revenue”. 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. Elasticity allows us to predict whether revenue increases or decreases with a price increase

6th Edition

ISBN: 9781119399353

Author: DA

Publisher: JOHN WILEY+SONS,INC.-CONSIGNMENT

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Chapter 4, Problem 56SYU

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Whether the statement is true or false.

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Chapter 4, Problem 55SYU

Chapter 4, Problem 57SYU

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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.