Discuss how variables can affect the demand for your product

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Reference no: EM133467111

Discussion Post I

Many factors affect the demand for a product, which is a concern for management and the decision-making process. To correctly assess the demand for their products, managers must determine the effect of all relevant variables. Select a particular industry or product and define the following variables:

i. Inferior versus normal goods
ii. Substitution and income effects
iii. Derived demand
iv. Changes in real and projected incomes

Discuss how these variables can affect the demand for your product or industry and what methods could be used to estimate the effect of these variables. Justify your answer.

Discussion Post II

As a manager, when you are making decisions for the company, you need to consider the distinction between how the decisions will impact the company in the short term and in the long term. Describe the information needed to make these decisions. What tests can you run to help make your decisions?

Reference no: EM133467111

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