The price elasticity of demand for lift tickets

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As the manager of a ski resort, you want to increase the quantity of lift tickets sold by 10%. Your staff economist has determined that the price elasticity of demand for lift tickets is 2. To increase sales by the desired amount, you should:

ecrease the price of a lift ticket by 5%.

decrease the price of a lift ticket by 2.5%.

increase the price of a lift ticket by 5%.

increase the price of a lift ticket by 2.5%.

Reference no: EM131161289

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