A hotel owner in Malaysia discovers that the price elasticity of demand (PED) for accommodation in the locality is $-1.7$. If the hotel owner lowers the price of a room by $5\%$, what change would occur in the demand for a room?
- AIt would decrease by $2.9\%$.
- BIt would decrease by $8.5\%$.
- CIt would increase by $2.9\%$.
- DIt would increase by $8.5\%$.