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Suppose the elasticity of demand for your parking lot spaces, which are located in a downtown business district, is -1.3, and the price of parking is $6 per day. Additionally, suppose that your MC is zero, and your capacity has been 80% full at 9 AM each day over the last month.
Since demand is (elastic/unit elastic/inelastic) , and the lot is below capacity, (decreasing price/leaving the price unchanged/increasing price) is the optimal pricing strategy.
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