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If the producers of alcohol were to decide to raise prices, how would their total revenue...

If the producers of alcohol were to decide to raise prices, how would their total revenue be affected? Would it increase or decrease? Explain.
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Answer.) Alcoholic beverages are said to be price-elastic if the elasticity has an absolute value greater than one, which means that the percentage change in the amount of alcohol consumed is greater than the percentage change in price.If absolute elasticity is greater than 1 then any attempt to raise prices would surely result in decrease in revenues. In contrast, If the elasticity has an absolute value less than one, which means that the percentage change in the amount of alcohol consumed is less than the percentage change in price.If absolute elasticity is less than 1 then any attempt to raise prices would surely result in increase in revenues.

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