(Elastic and total revenue ) Explain the relationship between the price elasticity of demand and total revenue (Determinants of Price Elasicity ) Would the price elasticity of demand for electricity be more elastic over a shorter or a longer period of time ? ( Explicit and implicit cost ) Determine whether each of the following is an explicit cost or an implict cost. A Payments for labor purchased in the labor market B A firm's use of a warehouse that it owns and could rent to another firm. C Rent aid for the use of a warehouse not owned by the firm. d The wages that owners could earn if they did not work for themselves ( Long run avarage cost curve ) Explain the shape of the long- run average cost curve. What does "minimum effcient scale" mean ?