Assess students' understanding of price elasticity of demand—definition, determinants, and calculation (including the midpoint method); interpretation of elastic, inelastic, and unitary demand; the elasticity–total revenue relationship; and how firms use elasticity to set prices, predict revenue changes from price moves, and design pricing strategies (e.g., markups, discounts, price discrimination). Include short quantitative problems and qualitative scenarios requiring analysis of revenue outcomes and strategic implications.