Economics homework help: 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.
Is the price elasticity of demand or supply more elastic over a shorter or a longer period of time? Why? Give examples.
What are the impacts of government and market imperfections (failures) on the price elasticities of demand and supply?
This Assessment should be a Microsoft Word (minimum 5-page) document, in addition to the title and reference pages.
Your Assessment should have a coversheet with the following information: Title of the paper, Your Name, Course Number and Section Number, and Date
Respond to the questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions. Your submission should be highly organized, logical, and focused.
Your submission must be written in Standard English and demonstrate exceptional content, organization, style, and grammar and mechanics.
Your submission should provide a clearly established and sustained viewpoint and purpose.
Your writing should be well ordered, logical and unified, as well as original and insightful.
A separate page at the end of your submission should contain a list of references, in APA format. Use your textbook, the Library, and the internet for research.
Be sure to cite both in-text and reference list citations where appropriate and reference all sources. Your sources and content should follow proper APA citation style. Review the writing resources for APA formatting and citation found in Academic Tools. Additional writing resources can be found within the Academic Success Center.
Your submission should:
include a cover sheet;
be typed in Times New Roman, 12 -point font;
include correct citations
be written in Standard English with no spelling or punctuation errors; and
include correct references at the bottom of the last page.
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