Question: If a firm wanted to know whether the demand for its product was elastic, unit-elastic, or inelastic, then the firm could change price a little

If a firm wanted to know whether the demand for

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

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