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6) In no more than five (5) lines of typed text below this question describe the...

6) In no more than five (5) lines of typed text below this question describe the various relationships (plural) between total revenues and elasticity of demand.

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Answer #1

higher the elasticity more will it be responsive to prices so as price rise the percentage change in quantity demanded will be much higher thus total revenue will fall ,but with higher elastic demand when prices fall there will surely be a rise in revenue.

similarly with less elastic goods the demand will be less responsive to price changes in this case increasing prices benefits because demand wont fall that much thus revenue rises but with inleastic demand decreased pricess will lead to fall in revenue because demand will not increase by the same or more percentage decrease in prices.

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