Help me put a response to this (elasticity shows how responsive one variable is to changes in another variable. Further, price elasticity of demand summarizes how much the quantity demanded changes when the price changes. I believe it is important for managers to understand the concept of price elasticity of demand because ultimately, if they know how sensitive demand will be due to a price change, they can better understand the optimal price they should set with tools like regression analysis. Often times, experimenting with changing prices is unrealistic and makes most sense to try to estimate the effect of price changes before they occur. Overall, the concept can help forecast demand and help analyze the market with competitors and develop strategies to effectively position themselves. One service that I believe has relatively elastic demand is airfare/ flying. I believe the changes in prices have a significant impact on how many choose to fly/not fly. The availability of substitutes is relatively high when you look at modes of transportation depending on distance and purpose of a trip that may include, ground transportation, rentals/ remote work/visits/meetings, and flying elsewhere that is cheaper. People are more responsive when they're are great deals