Jane owns a bakery where she sells blueberry muffins. At the start of the year, she raised the price from $3 to $4. Her total revenue for the year was more than the previous year. What does this tell us about the price elasticity of demand for Jane’s blueberry muffins going from a price of $3 to $4?
A. It’s elastic.
B. It’s inelastic.
C. It’s unit elastic.
D. We cannot infer anything about the price elasticity of demand from this information.
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