A friend of yours runs a small plumbing business in Luxembourg. This industry is very competitive as there are lots of plumbers in the area that all perform basically the same services. In studying for economics class you came across a study examining the market-level elasticity of demand for the plumbing industry overall in Luxembourg. The study says that the overall market elasticity of demand for the industry is estimated at -0.6.

You mention this to your friend and he, remembering some of the economics he took in college, says that this implies that if he wanted to increase his revenues he should raise his price a little bit. Do you agree? explaining why or why not.