Price $20 18 16- 14 12 10 8 6 2. 100 200 300 400 500 600 Quantity Refer to Figure 5-1. If the price decreased from $18 to $6, what would happen to total revenue and what would this imply about demand elasticity? Total revenue would increase by $1200 and demand would be elastic. Total revenue would increase by $800 and demand would be elastic. O Total revenue would decrease by $1200 and demand would be inelastic. O Total revenue would decrease by $800 and demand would be inelastic