A firm raised the price of its product from $10 to $15 and as a result its sales fell from 200 units to 150 units. What happened to its average revenue and total revenue.
Average revenue has increased from "\\$10" to "\\$15"
initial total revenue"=10\\times 200=\\$2000"
new total revenue"=15\\times 150=\\$2250"
Therefore, average revenue increased and total revenue increased.
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