“Suppose you are an advisor to a small business owner who manufactures and sells

“Suppose you are an advisor to a small business owner who manufactures and sells a unique luxury product. Over the past year, the business has been experiencing a decline in sales, and the owner is considering raising the price of the product to increase revenue. However, the owner is concerned about the potential impact on sales volume. How would you advise the business owner to use the concept of price elasticity of demand to make an informed decision about whether to raise the price? What factors should be taken into consideration when assessing price elasticity in this situation?”