Assess undergraduate students' understanding of price elasticity of demand, including its definition and formula, key determinants (substitutes, necessity vs. luxury, budget share, time horizon), elasticity classifications (elastic, inelastic, unitary), calculation methods (point and arc elasticity), and implications for firm revenue (total-revenue test, pricing decisions, tax incidence, and bundling); include quantitative problems requiring elasticity calculation and short analytical responses on how price changes affect firm revenue and strategic pricing recommendations.