The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. Which of the following would be the best option for the company?
Raise the price and plan to increase the quantity supplied
Lower the price and plan to increase the quantity supplied
Raise the price and plan to decrease the quantity supplied
Lower the price and plan to decrease the quantity supplied