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According to an article in the Wall Street? Journal, unlike? airlines, even elite hotels? don't have sophisticated systems that can react quickly to changes in demand. Even if they? could, many hoteliers say people? don't respond that much to lower rates.? 'We've tested? this, cutting our rates by? $50 [per? night], and we? didn't see an appreciable response in? occupancy,' says Jim? Schultenover, a vice president for Ritzminus−Carlton.
?Source: Jesse? Drucker, "In Times of Beltminus−?Tightening, We Seek Reasonable? Rates", Wall Street Journal?, April? 6, 2001.
Based on the information? above, the demand for hotel rooms
A. is price elastic.
B. is income elastic.
C. is price inelastic.
D. is income elastic.
How much would Wyandotte have to reduce the price of polyol to achieve a 15 percent increase in the quantity sold?
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