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A luxury resort in Barbados has thus far experienced an elastic price elasticity of demand since it started operations almost 15 years ago. The hotel was purchased in January 2021 by a Canadian company. The new owners have expressed their desire for an increase of room revenue, which should come into place as of April 1, 2021. Additionally, you were appointed General Manager of the property and therefore, you are assigned this task to increase room revenues. Explain the measures you will take to accomplish the wish of the new owners.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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