In the last sentence on page 347 (with respect to Elasticity and Marginal Revenue for Monoplies)
it says "For ABS(NU) > 1, a 1% increase in quantity requires a less than 1 % increase in price, so that total revenue increases."
For a monopoly, an increase in quantity must lead to a DECREASE in price, in order to keep the downward sloping demand curve.
IS THIS A TYPO?
If so, what is the correct statement? Can I just change "increase" in front of price to "decrease?"
If not, ??? Can anyone explain?
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