Relation Explanation:
MR=P[e-1/e] if e>if

Explanation:
- The given relation represents the calculation of Marginal Revenue (MR) in terms of price (P) and elasticity of demand (e).
- Marginal Revenue is the additional revenue that a company earns by selling one more unit of a product.
- Price elasticity of demand (e) measures how sensitive the quantity demanded of a product is to a change in its price.
- The formula P[e-1/e] calculates the Marginal Revenue based on the price and elasticity of demand.

Conditions:
- The relation holds true only if the elasticity of demand (e) is greater than the unit value.
- When the elasticity of demand is greater than 1, it indicates that the demand for the product is elastic, meaning consumers are highly responsive to price changes.

Implications:
- If the elasticity of demand is greater than 1, a company can increase its revenue by lowering the price of the product.
- Understanding the concept of elasticity of demand helps businesses make pricing decisions to maximize their revenue.
- Marginal Revenue is a crucial metric for firms to determine the optimal level of production and pricing strategies.

Conclusion:
- The given relation MR=P[e-1/e] if e>if provides a framework for calculating Marginal Revenue based on price and elasticity of demand, highlighting the importance of understanding consumer behavior in pricing decisions.