The demand for Wave Sport Kayaks can be characterized by the following point elasticities: price elasticity =−1.2, cross-price elasticity with Dagger Kayak =+1.2, income elasticity =+1.5, and advertising elasticity =+0.5 Indicate whether each of the following statements is true or false and explain your reason
A price decrease for Wave Sport will increase both the number of units demanded and the total revenue of sellers.
O True
O False