In a perfectly competitive market, there is a notable relationship between price elasticity of demand and total revenue. Consider the following scenario:
Suppose the market for solar panels has a price elasticity of demand of -2. A company that sells solar panels is currently selling 10,000 units at a price of $200 per unit and decides to increase the price to $220 per unit.
What will be the impact on the total revenue of the company due to this price change?