That is not what price elasticity means. Price elasticity is the percentage change in quantity demanded divided by the percentage change in price. So if you are selling 100 units a day at $100, and phi is 0.25, then for a four dollar increase in price you would lose one sale per day. It is also not a fixed value; it will change based on the state of the economy, the level of price, and available competition.
If price elasticity is 0, then customers will pay whatever the asking prices is (think cancer drugs; how much would you pay if you had cancer and this drug cured it? Nearly everything, right?), to infinity, e.g. for a basic commodity, where you can sell all you have at the market price, but if you try and charge above the market price, customers all go to your competitors and you sell nothing.
Once again, the people in this administration demonstrate they have no idea what they are doing.