Question 4-: The Haas Corporation's executive circulates a memo to the rm's top management in which he argues for a reduction in the price of the rm's product. He says such a price cut will increase the rm's sales and prots. The rm's marketing manager responds with a memo pointing out that the price elasticity of demand for the firm's product is about [ - 0.5 ]. Is the opinion and request of the executive correct and valid? Why