solved Learning Goal: I’m working on a business presentation and need

Learning Goal: I’m working on a business presentation and need an explanation and answer to help me learn.

In this assignment, you will deal with the relationship between price elasticity of demand and total revenue.
According  to the law of demand, if price increases, quantity demanded of a good  or service will decrease or vice versa. Price elasticity of demand tells  us how much quantity demanded will decrease when price increases or how  much quantity demanded will increase if price decreases. 
On the  other hand, according to the law of supply, if the price increases,  quantity supplied of a good or service will increase. Similarly, if  price decreases, quantity supplied will decrease. The degree of  sensitivity (responsiveness) of production/supply to a change in price  is measured by the concept of price elasticity of supply. 
Total  revenue is calculated as the quantity of a good or service sold  multiplied by its market price. Thus, it is a measure of how much money a  company makes from selling its product. The core objective of a firm is  maximizing profit. One of the ways to maximize profit is increasing  total revenue. The firm can increase its total revenue by selling more  items or by raising the price. Among others, this depends on the nature  of the price elasticity of demand. Moreover, the length of time is an  important factor in determining price elasticity of demand and supply. 
Course Outcome practiced and assessed in this assignment:  
Examine microeconomic tools for purposes of problem solving, analysis, and decisionmaking. 
Directions

Explain  the relationship between the price elasticity of demand and total  revenue. What are the impacts of various forms of elasticities (elastic,  inelastic, unit elastic, etc.) on business decisions and strategies to  maximize profit? Explain your responses using empirical examples,  formulas, and graphs.
Is the price elasticity of demand or supply more elastic over a shorter or a longer period of time? Why? Give examples.
What are the impacts of government and market imperfections (failures) on the price elasticities of demand and supply?