Final answer:
The FSU football program would increase revenues by increasing prices only if the elasticity of demand was greater than one.
Step-by-step explanation:
The elasticity of demand measures the responsiveness of quantity demanded or supplied to changes in price. When the elasticity of demand is greater than one, it indicates elastic demand.
Elastic demand means that a percentage change in price will result in a larger percentage change in demand.
Therefore, if the FSU football program wants to increase revenues by increasing prices, it would need to have an elasticity of demand greater than one.