History College

State whether total revenue rises or falls in each of the following situations: A. Demand is elastic and price increases. B. Demand is inelastic and price decreases. C. Demand is elastic and price decreases. D. Demand is inelastic and price increases.

Answers

Answer 1

Total revenue is the total amount of money a seller can earn from offering clients goods or services. Hence, in the given situation: (A) Revenue decreases. (B) Revenue increases. (C) Revenue increases. (D) Revenue decreases.

What is revenue?

The whole amount of money a seller can make by providing goods or services to customers is known as total revenue.

The formula for this is P * Q, or the purchase price times the quantity of the products sold.

An indefinitely elastic demand curve is presented to a corporation that is perfectly competitive.

In other words, the market price is the only price at which it may be sold.

At any lower price, it could sell the same quantity at the going rate and yet make more money, whereas, at any higher price, nobody would purchase any quantity.

The market price multiplied by the amount that the business decides to manufacture and sell equals total revenue.

So, in the given situation:

(A) Revenue decreases.

(B) Revenue increases.

(C) Revenue increases.

(D) Revenue decreases.

Therefore, total revenue is the total amount of money a seller can earn from offering clients goods or services. Hence, in the given situation: (A) Revenue decreases. (B) Revenue increases. (C) Revenue increases. (D) Revenue decreases.

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