An ice cream parlor has estimated the elasticity of demand for its super triple chocolate chunk ice cream to be 0.29. Using this information, the ice cream parlor decided to make it a special and increase the price to increase total revenue. Is this the correct decision? Multiple choice question. No, because increasing price when demand is inelastic decreases total revenue and reduces cost. No, because increased price when demand is elastic decreases total revenue and reduces cost. Yes, because increasing price when demand is inelastic increases total revenue and reduces cost. Yes, because increasing price when demand is elastic increases total revenue and reduces cost