Imagine a band on tour and trying to target effective ticket pricing. The band knows that it faces a downward-sloping demand curve; that is, if the band raises the price of tickets, it will sell fewer tickets. How should the band set the price for tickets to bring in the most total revenue? Explain your reasoning using the terms related to the topic of Elasticity.

The post must address a definition for elasticity and an explanation of whether you think this good is relatively price elastic or relatively price inelastic and why (please include the determinants of price elasticity of demand that you used to make this determination). In addition, the post may explore the impact on total revenue and the difference between total revenue and profit.