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Elasticity of demand is not just a number. It highlights the degree of change in demand expected from a change in price. In essence, how consumers will react to a change in price. By assessing a product's elasticity, firms gain valuable insights into who has the leverage - the firm or the consumer. If a firm has the leverage, by increasing the price of a product, the firm will increase its total revenue. If the consumer has the leverage, an increase in price will cause the firm's total revenue to decline.