The price elasticity of demand for personal computers is -1.5. Which of the following is true? a. An increase in the price of personal computers will increase total revenue of sellers. b. A decrease in the price of personal computers will decrease total revenue of sellers. c. A decrease in the price of personal computers will increase total revenue of sellers. d. An increase in the price of personal computers will have no effect on total revenue of sellers.

Principles of Microeconomics (MindTap Course List)
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ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
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Problem 6CQQ: Over time, technological advance increases consumers incomes and reduces the price of smartphones....
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The price elasticity of demand for personal computers is -1.5. Which of the following is true? a. An increase in the price of personal computers will increase total revenue of sellers. b. A decrease in the price of personal computers will decrease total revenue of sellers. c. A decrease in the price of personal computers will increase total revenue of sellers. d. An increase in the price of personal computers will have no effect on total revenue of sellers.
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