If the price of Pepsi-Cola increases from 50 cents to 60 cents per can and the quantity demanded decreases from 100 cans to 50 cans, then the Pepsi-Cola Company could increase its total revenue by
a. lowering price
b. decreasing quantity supplied
c. leaving price the same
d. raising price
e. decreasing supply
Question 2
The demand for a good is elastic if
a. an increase in price leads to a decrease in total revenue
b. an increase in price leads to an increase in total revenue
c. an increase in price causes no change in total revenue
d. total revenue is maximum
e. total revenue is minimum
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