Do you think tea is an elastic or inelastic good? Use 2 of the determinants of elasticity that we learned about to justify your answer. Do not use the time horizon, as it does not apply. Based on your above answer to the elasticity of demand for tea, what would happen to total revenue if the price of tea increased? Why is elasticity important? Why do we care if a good is elastic or inelastic? How can this knowledge be applied in the real world?