Price elasticity of demand is a relationship between price and quantity demanded. Total revenue to a firm is price multiplied by quantity. So it should not be a surprise that there is a relationship between price elasticity of demand and changes in total revenue as we move along a demand curve. Imagine that you work at a theater, and there is a meeting concerning how to best increase the total revenue coming into the theater. One group is arguing that the way to increase total revenue is by reducing the ticket price, while the other group is arguing that the way to increase revenue is to increase the ticket price. Analyze each group's argument in terms of what they are implicitly assuming about the price elasticity of demand for tickets. Post your analysis and response as a reply to the discussion. Refer to the video below for a further understanding of elasticity