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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 read Appendix 4A Applications of Supply and Demand found in your text. Select one of the companies discussed. Explain how you might estimate the demand for the product used in the Appendix 4A discussion. 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. Is your demand curve price elastic, inelastic or arc elastic and why? Now discuss how income elasticity and cross price elasticity for a substitute might be valued. Are they elastic, inelastic or arc elastic with respect to income and your substitute? What would be an appropriate revenue strategy for your product if the price of your substitute dropped 30%? Defend your answer and cite your sources.
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This task provides a clear working procedure on explaining the relationship between demand and price. Is your demand curve price elastic, inelastic or arc elastic and why? Now discuss how income elasticity and cross price elasticity for a substitute might be valued. Are they elastic, inelastic or arc elastic with respect to income and your substitute?
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