If a firm wanted to know whether the demand for its product was elastic, unit elastic, or inelastic, then the firm could A. talk to its customers. B. survey competitors and ask them what they think demand elasticity for the product is. C. not do anything as there is no way to find an elasticity value. D. change price a little bit and observe what happens to total revenue.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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If a firm wanted to know whether the demand for its product was elastic, unit elastic, or inelastic, then the firm could
A. talk to its customers.
B. survey competitors and ask them what they think demand elasticity for the product is.
C. not do anything as there is no way to find an elasticity value.
D. change price a little bit and observe what happens to total revenue.
Transcribed Image Text:If a firm wanted to know whether the demand for its product was elastic, unit elastic, or inelastic, then the firm could A. talk to its customers. B. survey competitors and ask them what they think demand elasticity for the product is. C. not do anything as there is no way to find an elasticity value. D. change price a little bit and observe what happens to total revenue.
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