There will be two discussion questions listed below. just choose 1 out of the 2.
Use the lessons and vocabulary found in the reading. Support your answers with examples and research and cite your sources using APA format.
Discussion Question 1:
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:
- Inferior versus normal goods
- Substitution and income effects
- Derived demand
- 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 Question 2:
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? Justify your answer.
respond to the two classmates’ postings discussion
