The elasticity is an important measure impacting on a form's revenue. Hence, it is important for a firm to know how the proposed change in price of its product can affect its total revenue, when the product is to be sold in the new market condition at the new price. In this context, the measure...

The concept of elasticity in economics is taught mostly in secondary education. Students generally mix up slope and elasticity even though many textbooks explain the difference between them. This note is to substantiate explanations by Round and McIver (2006) in view of exploring possible...