Asked by Christy Zavala on Jun 13, 2024
Verified
List four key factors used to estimate demand.
Estimate Demand
involves predicting the quantity of a product or service that consumers will purchase, which is crucial for inventory management, pricing strategies, and planning production levels.
- Understand the elements influencing price sensitivity and the elasticity of demand.
Verified Answer
TH
Tatiana HilarioJun 15, 2024
Final Answer :
Of course, price is one factor. Economists stress three other key factors: consumer tastes, which depend on many factors such as demographics, culture, and technology; price and availability of similar products; and consumer income.
Learning Objectives
- Understand the elements influencing price sensitivity and the elasticity of demand.