8. Suppose you are the manager of The Vila Gale Fortaleza, a five star hotel in Brazil, and expecting a huge number of tourists during 2014 FIFA World Cup held from

12 June to 13 July 2014. In each of the following cases, what pricing decision should you make in order to make higher total revenue? a. Price elasticity of demand is known to be –2. b. Price elasticity of demand is known to be –0.8. c. Price elasticity of demand is known to be –1.