Answer:
Total revenue of text book will not change.
Explanation:
This is because the price elasticity curve is in elastic(it is negative)
Answer:
the total revenue remains the same
Explanation:
The price elasticity of demand for a commodity is defined as the ratio of the demand change (%) in the commodity to supply change in the commodity. Thus, we have:
Price elasticity of demand = percent change in demand/percent change in supply
Therefore, if the price elasticity of demand is less than 0 i.e. -1, and the commodity price increases by 5%, the total revenue made from the commodity will remain the same.
