VERY BRIEF EXPLANATIONMUST BE PROVIDED FOR A TRUE (T) AS WELL AS A FALSE RESPONSE AS WELL.
(A) If the price elasticity of demand for avocados is 3 then a 10% increase in the price will result in an increase in total revenue.
(B): If the price elasticity of demand is less than 1, then a 6% increase in the price will result in an increase in total revenue.
