(Answered) Q1 briefly explain how total revenue tr will be affected in

Economics

Q1. Briefly explain how total revenue (TR) will be affected in each of the following cases (use the TR formula):

(a) Demand is perfectly inelastic (Ed=0) and price increases

(b) Demand is inelastic and price decreases

Q2. "If a good is price inelastic, then increasing the good's price will result in a decrease in total revenue."

Is the above statement true or false? Explain.

Q3. "If a good is price inelastic, then increasing the good's price will result in a decrease in total revenue."

Is the above statement true or false? Explain.

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