Discuss the relationship between total revenue and price elasticity of demand

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Shift in Supply & Demand: Choose a commodity (a good or a service) that you are familiar with and discuss how and when demand and supply have changed (shifted) for this commodity. Provide examples of historical or current events where market demand and market supply for that commodity have shifted significantly, and state the factors that you believe have caused the shift in supply and/or in demand.

Concept-focused Post

Create a descriptive post (300 words min) to explain at least one of the economic concepts listed below, support the description with an example.

Law of demand
Law of supply
Demand determinants
Supply determinants
Market equilibrium
Elasticity of demand
The relationship between total revenue and price elasticity of demand
1 and a half page

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