Homework Answers
Correct answer is B.
If price elasticity of demand is -0.5,it means demand is inelastic.In this case,if price increases by 1% ,then quantity demanded decreases by only 0.5% and therefore total revenue will increase.
In all the other cases,demand is elastic and so quantity demanded decreases by a greater proportion than the increase in price and hence total revenue will decrease.
If you have any doubt,feel free to ask.
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