Second Scenario: Having become a "master of elasticity" due in large part to taking a course in microeconomics from world famous Indiana Tech University, 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 your calculation: 1. 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