The total revenue test shows that the monopolist will avoid the inelastic segment of its demand schedule. As long as demand is elastic, total revenue will rise (when the monopoly firm lowers its price). However, this will not be true when demand is inelastic. . At this point (inelastic), what happens to total revenue? . Monopolist will expand output only in the elastic portion of its demand curve. Why? Discuss in detail, provide some examples to support your argument, and use your economics textbook. Due Tuesday 01/30/24 this week. Due Tuesday end of day, if you need an extension contact the instructor (email) before the due date and explain the reason, extension is at instructor's discretion. Otherwise late submission will not be accepted. Your reply (200 words minimum) in detail use facts, examples and data in addition to a detailed reply to at least one of your classmates' (50 words minimum) responses for full credit. Due Tuesday 01/30/24 this week. Elastic vs. Inelastic Range $15 Elastic Inelastic Total Revenue Test 10 Dollars If price & TR demand is. ELASTIC D 0 1 2 3 4 5 6 7 8 9 10 11 12 MR $105 Total Revenue Test 55 Dollars If price & TR 30 A monopoly will demand is.INELASTIC only produce in the elastic range TR 0 1 2 3 4 5 6 7 8 9 10 11 12 Q 25