Demand Analysis” Please respond to the following:
From the e-Activity, if you were a manager in a tobacco company, analyze the elasticity of demand for tobacco products. Evaluate the factors involved in making decisions about pricing tobacco products indicating which would be the most influential.
Using the same scenario above, discuss how the elasticity influence the short-term and long-term decisions of the company and the impact to the decision made related to profitability
“Estimating Demand” Please respond to the following:
Provide an example when it would be appropriate to conduct a time-series or cross sectional data. Discuss the potential problems that may arise with your example and identify strategies for minimizing the impact of the potential problems.
Discuss the meaning of the regression coefficient of the independent variable(s) and how it could be used to estimate the elasticities of each of these variables. Discuss how managers use the elasticities measurements to make managerial decisions.
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