Please be an expert in Managerial Economics-MBA
Use legitimate sources and references from trusted sources and data bases. Please read Instructions and Rubric carefully!
NOTE: Assignment will be ran through TURNITN before grading
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
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.
Your posting should be the equivalent of 1 to 2 single-spaced pages (500 words) in length.
Since you are engaging in research, be sure to cite in the body of the post and add a reference list in APA format. The excessive use of quotes will directly impact performance since this indicates a lack of comprehension and shows that you may not have mastered the concepts.