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

Option C, 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.

Explanation:

Price elasticity of demand measures the responsiveness of demand after a change in a product's own price.

Demand is considered elastic when the absolute value of price elasticity is higher than 1 which means it is highly responsive to change in price.

Demand is inelastic when the value of price elasticity is less than 1 which means it is unresponsive to change in price.

Demand is unit elastic when value of elasticity is equal to 1 which means demand remains the same.

Therefore, the option that best suits the question is option C, the firm can know if demand is elastic, inelastic or unit elastic by CHANGING PRICE A LITTLE BIT AND OBSERVE WHAT HAPPENS TO TOTAL REVENUE.

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