Explanation Given information: The statement “If elasticity E < 1 then profit increases with an increase in price”. Price elasticity also has an effect on profit. Profit is calculated as sales revenue minus costs. Costs are likely to change with sales. The more it is produced, the higher the costs. If demand is price inelastic, a rise in price will lead to lower sales but increased sales revenue as explained earlier

Applied Calculus, 6e WileyPLUS + Loose-leaf

6th Edition

ISBN: 9781119408901

Author: Deborah Hughes-Hallett, Andrew M. Gleason, Patti Frazer Lock, Daniel E. Flath

Publisher: Wiley (WileyPLUS Products)

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Chapter 4, Problem 59SYU

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Whether the statement is true or false.

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Chapter 4, Problem 58SYU

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Applied Calculus, 6e WileyPLUS + Loose-leaf

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To indicate: Whether the statement is true or false.

Solution Summary: The author explains that price elasticity also has an effect on profit. If demand is price inelastic, a rise in price will lead to lower sales but increased sales revenue.