A solid understanding of the law of demand and supply and the price elastic of demand

Consider the Law of Demand, the Law of Supply, and the Price Elasticity of Demand. Explain how a solid understanding of these, when combined, can help a business improve its performance (e.g. increase sales revenue). ? Combine theory with practical examples. ? In addition to using the textbook, please use at least one additional reference source (a respected/reputable website, as an example, would be fine). ? Please cite when necessary.