Suppose the Price of a Good Is $5 and Quantity

Multiple Choice

Suppose the price of a good is $5 and quantity demanded is 10 units. When price increases to $6, quantity demanded decreases to 9 units. What happened to total revenue and what does this indicate?

A) Total revenue decreased from $54 to $50, indicating that demand is inelastic.
B) Total revenue decreased from $54 to $50, indicating that demand is elastic.
C) Total revenue increased from $50 to $54, indicating that demand is inelastic.
D) Total revenue increased from $50 to $54, indicating that demand is elastic.