Having become a "master of elasticity", you are hired as a consultant to a firm that is currently considering raising the price of its product in the...

Having become a "master of elasticity", you are hired as a consultant to a firm that is currently considering raising the price of its product in the hopes of earning a higher profit. Reviewing the firm's books and the overall market for the product, you have calculated that the price elasticity of demand for the firm's product is -1.05. Based on the calculation What advice will you give regarding the proposed price increase, and how will you explain your advice so the firm's leadership understands the rationale of your advice?