Price Hikes and Cable TV Revenue. Four years ago the cable company in your city increased its price by 20 percent, and its total revenue increased. Last year, a new company started providing TV...

Price Hikes and Cable TV Revenue. Four years ago the cable company in your city increased its price by 20 percent, and its total revenue increased. Last year, a new company started providing TV service with satellite dishes. This year, the cable company increased its price by 20 percent, but its total revenue decreased. Provide an explanation for the different revenue consequences of the cable company’s price hikes.