It is true that if the elasticity for your product is greater than one and if you raise your price, then your sales quantity will decrease, but your sales revenues will increase.
Elasticity of product means if the amount demand of the merchandise changes over proportionately once its value will increase or decreases. Conversely, a product is taken into account to be nonresilient if the amount demand of the merchandise changes little once its value fluctuates.
If product is inelastic, a rise in sales quantity results in a amendment in offer that is but the rise in value, that means the PES is a smaller amount than one. If offer is elastic, the value amendment yields a bigger increase in offer creating the PES larger than one.
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