Suppose a hotel raises the price of the bottled water in the minibar in each room from $3 to $5. The

Suppose a hotel raises the price of the bottled water in the minibar in each room from $3 to $5. The hotel tracks the number of customers who buy the bottled water and finds that consumption drops from 1,000 bottles a week to 900 bottles. Is demand elastic or inelastic? Explain.