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Yes it is possible because when the demand is elastic (Ed>1). If the price increases then there will be a decline in the total revenue because a rise in the price will affect the demand of the cheese. According to the law of demand if the price will go up then the demand will go down as they both are inversely related. In other words it can be said that the percentage change in the quantity demanded of cheese (demand will decrease) will be much greater than the percentage change in the price of cheese (increase in price). (Layton, Robinson, Tucker, 2016, p. 110) so it is therefore possible that the price floor has reduced their total revenue.

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