You are a manager at Sievert Devices, Inc., a manufacturer of scientific instruments. You are attending an executive meeting when Rolf, another manager at your company, announces:
(a) (4 marks) “Our marketing department has estimated the own-price elasticity of demand for our Geiger counter at its current price of $10. We are confident that the coefficient of elasticity is 0. This means that if we slightly increase our price above $10, the quantity demanded would not change and this would increase our revenue and our profits.” Evaluate Rolf’s claim. Is he correct? If not, explain which parts of his statement are incorrect.
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