Arrange the following steps in the correct order to analyze the impact of price changes on total revenue using elasticity concepts: 1) Determine the price elasticity of demand for the product, 2) Predict how quantity demanded will change in response to a price change, 3) Calculate the new total revenue based on the quantity demanded and the new price, 4) Assess whether the demand is elastic or inelastic.

To analyze how price changes affect total revenue, start by determining the price elasticity of demand for the product. This tells you how sensitive consumers are to price changes. Next, predict how the quantity demanded will change if the price goes up or down; this is crucial because it helps you understand consumer behavior. After that, calculate the new total revenue by multiplying the new quantity demanded by the new price. Finally, assess whether the demand is elastic or inelastic, which will help you understand the overall impact on revenue.