Price elasticity of demand and total revenue

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Reference no: EM13693974

1) Explain the relationship between the price elasticity of demand and total revenue. What are the impact of various forms of elasticity (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.

3) What are the impacts of government and market imperfections (failures) on the price elasticity of demand and supply?

Reference no: EM13693974

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