Question: Please help answer these questions. Please Quote references to substantiate your answers/explanations so that I may see further. Price elasticity of demand is an important

Please help answer these questions. Please Quote references to substantiate your answers/explanations so that I may see further.

  1. Price elasticity of demand is an important tool for managers in in a selling environment in deciding what to put on sale. Explain how a profit-maximizing manager should decide what goods to put on sale based on the relationship between total revenue and price elasticity of demand. Provide appropriate examples as needed. Note: Focus specifically on relationship between price elasticity and total revenue in your discussions.
  2. Profit-maximization is the flip side of cost-minimization. First, select a particular business and explain how minimizing cost would lead to maximizing profit. Please include such costs as cost of inputs and the type of market in which the good is sold for further explanation.

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