Explain the relationship between the price elasticity of demandand total revenue. What are the impacts of various forms ofelasticities (elastic inelastic unit elastic etc.) on businessdecisions and strategies to maximize profit? Explain usingempirical examples. Is the price elasticity of demand or supplymore elastic over a shorter or a longer period of time? Why? Giveexamples. What are the impacts of government and marketimperfections (failures) on the price elasticities of demand andsupply?