In the context of elasticity, when the price of a product decreases, the total revenue will increase if the demand for the product is considered __________.

In the context of elasticity, when the price of a product decreases, the total revenue will increase if the demand for the product is considered elastic. Elastic demand means that consumers respond significantly to price changes; when the price goes down, they buy much more of the product. For example, if a popular brand of sneakers lowers its price from $100 to $80, many more people might buy them because they see the lower price as a good deal. As a result, even though the price is lower, the increase in the number of sneakers sold can lead to greater total revenue for the company. Therefore, understanding how consumers react to price changes is crucial for businesses to maximize their earnings.