Post a 200-300-word response to the following:
What is the definition of price elasticity of demand? Explain the relationship between price elasticity and total revenue? How does price elasticity of demand affect a firm's pricing decisions? How does the availability of substitutes affect price elasticity of demand? Provide examples to support your answers to the questions above. Attention: Please note that your examples need to be specific to the organization or corporation that you are either involved with or familiar with.