Discussion Post
1) 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 your responses using empirical examples, formulas, and graphs.
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 elasticities of demand and supply?
The response should include a reference list. Using double-space, Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.