Learning Contents:                                                              ·          Concept of Price Elasticity of Demand and Total revenue ·          Relationship between   Price Elasticity and Total revenue ·          Impact of Price change on the Total revenue of the Firm   Price Elasticity of Demand Price elasticity of demand explains how much change can be seen in quantity demanded as a result of change in the price of the commodity. It shows whether the demand for the commodity is elastic i.e. very responsive to price change or in...