Hi There,

Please help me with my essay on Economics.

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?

GBS40M2 Checklist Rubric and CLA and Grade Chart All competency criteria must be met to earn a B grade and pass this Course Outcome. A predened number of mastery criteria must be met to earn an A grade, indicating mastery of the CDUI'SE Outcome. See the CM and Grade Criteria CHEN DEIUW. *lf work submitted for this Competency Assessment does not meet the minimum submission requirements, it will be returned without being scored. MET NOT YET MET Explained the Relationship bebueen Price Elasticity and Total Revenue Competency Conectly explained the relationship between the price elasticity of demand and total revenue by using formulas and graphs. Comectly indicated if the price elasticity of demand or supply is more elastic over a shorter or a longer period of time. Mastery Comectly provided the impacts of various forms of elasticities (elastic, inelastic, unit elastic etc.) on business decisions and strategies to maximize profit Conectly explained elasticity using empirical examples, formulas, and graphs. Comectly provided an explanation of the short term and long term by providing examples. Explained the Impact: of Government Imperfections an Elasticities Competency Comectly provided the impacts of govemment imperfections (failures) on the price elasticities of demand. Conectly provided the impacts of government imperfections (failures) on the price elasticities of supply. Mastery Correctly provided how to alleviate the problem through supply. Correctly provided how to alleviate the problem through demand. Explained the Impact: of Hunt Imperfections on Elasticilies Competency Comectly provided the impacts of market imperfections (failures) on the price elasticities of demand. Conectly provided the impacts of market imperfections (failures) on the price elasticities of supply. Mastery Conectly explained the impacts of market failures on demand. Conectly explained the impacts of market failures on supply