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This article demonstrates elasticity of demand for oil. It also has a nice explanation of elasticity

Tutar, I very much agreed with you here. Gasoline is a great example of Inelastic demand in a real life situation. The price for Gasoline is very rigid, gosline is a necessity to many peoples lives.In this case an increase in price will mean an increase in revenue. There is a positive relationship between price and total revenue. From the supplier's viewpoint, this is a highly desirable situation because price and total revenue are directly related; an increase in price increases total revenue despite a fall in the quantity demanded. This inelastic demand for the suppliers is a highly desirable situation. An increase in price will increase total revenue despite a fall in the quantity demanded. So theoretically Oil companies could charge astronomical prices and get away with it !!

This article concerns the elasticity of oil supply falling due to the time it takes to acquire it and the difficulty to get it. More oil wells are needed and therefore makes the supply extremely slow because of the time it takes to drill. Because of this, the oil supply takes a long time to react to price change in the economy, making it less and less elastic.

This article basically discusses how a raise in minumum wage would affect restaurants, spcially fast food restaurants such as McDonalds. As President Barack Obama propeses to raise the minumum wage to 10$ many fast food companies disaggree him saying that their customers are price sensitive and this increase in their cost would haveto reflect onto customers which would drive them away. However data says otherwise. The article indicates that the prices of fast foods are ectually inelastic and therefore an increase in price although would mean less customer it doesn't necesserily mean less revenue

I think this article is a very good choice as it shows the effect the elasticity can have in real life situations. I think in this situation we also have to appreciate the recognition that the company Mcdonald's has ;this could influence elasticity being inelastic. As Mcdonalds is a very popular ,globally known fast food restaurant they may find that a small increase in price will only affect their demand in a small way. So like you said it doesn't necessarily mean less revenue. Jack

Russia's economy is suffering from falling oil prices as oil revenue makes up about half of the state budget revenue, while the sanctions imposed by the West in response to Moscow's policy toward Ukraine have almost shut the global financial markets to Russian business. Since oil has the inelastic demands, the fall in price of it will proportionally change the quantity demanded, however if the Russian business decide that oil is not profitable business anymore, they might switch to its substitutes, or if the supply of oil significantly decreases during next few years because of the fall in price of it, the demand for oil might decrease as well and people will again consume its substitutes, such as wood or gas, in greater quantities. If low oil prices and Western sanctions persist for some time, Russia's economy and budget will have to optimize their spending, and concentrate only on profitable budgetary programs, which will not have only major consequences on Russia, but the Europe as well as Russia is one of the main oil suppliers.

In his article, Roberto De Vogli, discusses how obesity is a kind of market failure. Aapart from the comon view that obesity is "an effect of specific individual and lifestyle choices," Roberto De Voglie argues that "the problem is largely a byproduct of deeper political and economic changes in society.". Apart from discussing the reasons for this failure, he propeses a solutions. He says an ulta-processed food tax" must be introduced on fast foods and the revenue coming from this tax must be used as a subsidy fruits, vegetables and healhty foods.

This article reports the aggregate demand decline in Israel as well as Gaza strip, it relays thoughts of industrial firm owners who hope and expect an increase in the near future of a reduction in production costs due to oil prices declining, a very relevant topic as always is the price of oil.

This article is about the West Bank overall economy has witnessed a decline in aggregate demand for the second consecutive month, mainly due to partial payment of public sector salaries, due to Israel's withholding of clearance revenues, according to the Palestine Monetary Authority.

The government had imposed an excise tax to discourage teens from purchasing and consuming alcopops. However, since the demand of the alcopops was not detered as much was intended, it shows that the alcopops are relatively inelastic.

This article is taken from The Economics Times. It talks about the price of gold and tries to compare the price of gold in India to that of United State. It talks about the high revenue that will arise as India is approaching Diwali (festival) since there will be more demand for the gold.

This article is about the excise taxes on marijuana in Colorado. It is important to know that the tax revenue $2 million dolars in January 2013. As marijuana is legal in Colorado, the government gets the best benefit of it by imposing harsh tax on marijuana. Since marijuana is price inelastic because of its addictive nature, the government can impose as much as taxes as it can which can lead to more revenues.

This article demonstrates how profitable taxation can be for governments. The example here is that the state of Colorado earned over $2 million in taxes on the sale of marijuana, an addictive product.

This article is about the income of the government by the taxes on marijuana which is legal in Colorado

This article is about how Soda Maker say that they need to change their strategies, and that SodaStream's woes have weighed on its stock. The company's shares have fallen about 44% so far this year, and they dropped an additional 20% on Tuesday. I found the article very interesting, espeically as SodaStream may not a very huge company and you usually hear about a bit bigger companys.

I am really sorry I tried to open the link after I bookmarked it and this time I needed to log in to see the full article :( I am not sure if it is the same anyone else, because when I first read it, it let me view the whole article.

According to the federal government, weed is one of the most dangerous controlled substances on the market, especially after it was legalised in Colorado. Colorado's Proposition AA, passed two months before legalization, requires that recreational marijuana be subjected to a 15 percent excise tax, a levy imposed on goods such as gas, alcohol, and tobacco, in addition to a 10 percent state sales tax. During the first fiscal year the state pulled in just under $14 million in marijuana taxes, licenses, and fees according to the Colorado Department of Revenue. The money is going to build schools, support drug prevention and intervention programs, fund the state's Marijuana Enforcement Division. On the other hand, medical marijuana patients only pay a 2.9 percent tax on weed.

This article talks about the Obama care and how individuals including employers and employees will suffer the tax that will pay in the future. It is estimated that about 20% of the tax will be paid by companies or employers and 80% will be paid by the employees. This payment would all begin in 2018, and by 2025 the government is expected to make about $105-Billion.

The prices of coffee will be rising soon in the $80 billion U.S. coffee industry due to the cost of arabica beans rising. According to Paul, the price elasticity of demand for coffee is very low because people will not substitute their drinks such as soda due to higher prices. Arabica beans are the most widely used beans in the coffee industry and they even accounted for 59 percent of the world's 153.3 million bags of coffee output last year.

The article that I bookmarked is focusing on coffee in the US Market. Although some say that the price of arabica beans are likely to flame, the suppliers of coffee are not worried. The reason is definitely that coffee is price inelastic. The article also give some insight into the consumer's point of view. When they are asked if coffee has another substitute, they rigidly say "NO!". Being aware of its addictive nature, Starbucks is calm that any price change wouldn't affect its revenue and actually it would get the benefit of such change since coffee is inelastic.

The sugar industry in Maharashtra, the biggest producer of the sweetener in the country, expects that the formation of the Sugarcane Price Control Board (SPCB) will lead to a permanent solution on the sugarcane price issue. They are going to implement a revenue sharing formula in order to fix this.

Due to the two week Air France strike in September, the demand for EasyJet flights have increased (their planes being 90% full), resulting in £5 million revenue and increase is stokes by 6.4%.

This article shows how oil prices in in the United States have been dropping quite drastically which is a huge plus for consumers. However, for oil producers their total revenue has also dropped which does not benefit them. The article displays price elasticity of supply because as more and more oil is being produced, the price of oil then raises. But in this case it is the opposite.

This article shows how the Russia's economy is struggling due to sanctions and how that has affected BP and the lowering of oil prices. This has caused a decrease in revenue of BP from £3.7bn to £3bn. This has also resulted in share prices decreasing by 14% in the past 3 months.

Prices for oil, an inelastic product, have decreased leading to a decrease in revenue for the producers, leading to concerns that this might have more widespread economic ramifications in the future.