1. A pharmaceutical company introduced a new life-saving medication onto the market. The company did a study on the Price Elasticity of Demand (E_p) to determine the sensitivity of consumers to changes in the price of the medication. The study revealed the absolute value of the E_pto be:

E_p = 0.095

Given the above E_p absolute value, what action is the pharmaceutical company likely to take to influence its total revenue from the sale of the medication? Why? Explain your reasoning.