Read the articles by Dravone and Gandal; Schepp; and Craft on different products and how the demand
1. Read the articles by Dravone and Gandal; Schepp; and Craft on different products and how the demand for them has been estimated, either correctly or incorrectly. Now consider a product produced by a local firm. Explain how you might estimate the demand for this product. Be specific and include a description of the variables you would use and why you would use them. Be sure to discuss how you would collect the data on the variables you need. Defend your answer and cite your sources.
2.ind an article on ProQuest of some other database from the NAU library that estimates either the elasticity of demand, the income elasticity, or the cross-price elasticity for a good or service. Interpret the meaning of the elasticity results that you found and discuss whether you agree with the results or not. Defend your answer and cite your sources.
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Understanding the demand for any product is paramount in gauging the volume of production. When a company produces more products than there is demand, money is lost due to the unsold products. Demand estimation involves coming up with an estimation of the total amount of a product that the market will need (William et al, 67). Further, the demand estimation is mainly tied to the particular period of time. Additionally………………….
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