Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter7: Demand And Supply
Section7.2: The Demand Curve And Elasticity Of Demand
Problem 5R
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explain the inportance of
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Analysis of demand means acknowledging the demand of consumers in a given market for a product or service. Businesses use demand analysis techniques. In order to determine whether they can reach a market effectively & produce projected revenues to advance their business operations.
It also offers a clearer view of the high-demand markets for the offerings of the business, giving them a rational idea about markets which helps the businesses to make optimal market-specific investment decisions. Demand analysis is one of the most critical factors for a number of business decisions, including forecasting of revenue, product/service pricing, spending on marketing and advertising, production decisions, and preparation for growth.
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