Problem
The Honey Money Company produces and sells honey. They have hired a high-priced consultant to study their pricing and make recommendations. Part of the report reads as follows: "Our careful statistical analysis shows that the short run elasticity for your product is -0.9. In other words, short run demand is inelastic and you should raise prices."
1) Why they might think that if demand is inelastic, price should go up and
2) Why Honey Money Company might want more information before they take that advice.