Relationship between Price Elasticity and Revenue Panopto of PPT explaining how revenue responds to price increases when demand is inelastic (rev increases) and when demand is elastic (rev decreases). Explain how revenue changes with changes in price over the price ranges represented in elasticity spreadsheet. What are the implications for Universal's pricing decisions? Demand in the Orlando Rental Car Market Estimating Background Demand in the Pricing Simulation Panopto explaining the Market Demand Tab in the pricing simulation and how to estimate background demand from it. Market Demand tabexplain how it combines shifts in background demand with changes in quantity demanded in response to price changes. Explain how to disentangle the two. Background demandexplain data and calculations that show how it changed monthly from Nov-Sep. Report trend (if any) and seasonality (if any). Provide plausible explanation of what might cause the observed background demand.