Total revenue is the product of price and quantity. Whether total revenue rises or falls depends on increase or decrease in price with their respective elasticities. You are required to find what happened to total revenue on each situation given below with help of graph? i. Effects of price increase on a product with inelastic demand. ii. Effects of price increase on a product with elastic demand. iii. Effect of price cut on a product with elastic demand. iv. Effect of price cut on a product with inelastic demand

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Total revenue is the product of price and quantity. Whether total
revenue rises or falls depends on increase or decrease in price with
their respective elasticities. You are required to find what happened
to total revenue on each situation given below with help of graph? i.
Effects of price increase on a product with inelastic demand. ii.
Effects of price increase on a product with elastic demand. iii.
Effect of price cut on a product with elastic demand. iv. Effect of
price cut on a product with inelastic demand

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