If the price of online movies increases from $6 to $8, total revenue increases, which means that demand is increases.
The price elasticity of demand is known to be the percentage change that takes place when the quantity demanded of a good or service is said to be divided by the percentage change in the price.
The price elasticity of supply is known to be the percentage change in quantity that is supplied and it is divided by the percentage change in price of the commodity.
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