estion 3 15 points Save An Recently, Verizon Wireless ran the pricing trial in order to estimate the elasticity of demand for its services. The manager selected three states that were representative of its entire service area and increased prices by 5% to customers in those areas. One week later, the number of customers enrolled in Verizon cellular plans declined 4% in those states, while enrollments in states where prices were not increased remain flat. The manager used this information to estimate the own price elasticity of demand and, based on her findings, immediately increased prices in all market areas by 5% in an attempt to boost the company's 2020 annual revenues. One year later, the manager was perplexed because Verizon's 2020 annual revenues were 10% lower than those in 2019 - the price increase apparently led to a reduction in the company's revenues. Did the manager make an error? Explain. Attach File Browse Local Files Browse Content Collection