Explain the relationship between the price elasticity of demand and total revenue. What are the impacts of various forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decisions and strategies to maximize profit? Explain using empi

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Explain the relationship between the price elasticity of demand and total revenue. What are the impacts of

various forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decisions and strategies to

maximize profit? Explain using empirical examples.

2. Is the price elasticity of demand or supply more elastic over a shorter or a longer period of time? Why? Give examples.

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