Ch 3-2. You are part of a consulting team hired by a small manufacturing firm that IS contemplating changing the pricing structure for several of its products. You are responsible for overseeing the survey design, data collection, data analysis, as well as developing pricing recommendations based on your team's analysis of the pricing data collected for one of their product lines. Using the arc-elastic method of computing the price elasticity of demand for the product you are responsible for, it has been determined that the price elasticity of demand for this product is 1.67. Write a summary of your pricing recommendation based on analysis of the product's price elasticity of demand. (2 points)