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What contributes to changes in demand for your product

Assignment Help Microeconomics
Reference no: EM13990751 , Length:

I am study hospitality and the product of this assessment is about shopping malls which are located under hotels.

Economic Analysis - Some suggested areas

Microeconomic tools

• What contributes to changes in demand for your product?

• What contributes to changes in supply for your product?

• What is the recent product price history and how does that reflect recent changes in demand and supply?

• Is your product elastic or inelastic in nature and what implication does this have on increasing revenue?

• Is your product a normal, inferior or luxury good based on its sensitivity to changes in income?

• What are some of the substitutes and complements of your product and how do they influence your product demand?

• How do the four factors of production, namely, Land, Labour, Capital and Entrepreneurial skillscontribute to the change in value of your product?

• How do changes in costs impact on the price and quantity of your product?

Macroeconomic tools

• How dochanges in economic activity as measured by real GDP affect your product?

• How do changes in unemployment affect your product?

• How do changes in inflation affect your product?

Managing your product in a recession

How do you manage your product in an upcoming recession in terms of shifting the demand curve of your product to the right through non-price factors?Connect all above tools for analysis.

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This is an economic analysis related to Avis Car Rental service in Australia. Both the microeconomics and macroeconomic tools are used in the analysis. The assignment further discusses how the economic analysis help the company to devise suitable marketing strategy during economic recession. This is a 2800 words paper with Havard referencing style.

Reference no: EM13990751

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