Part A)In general, which of the following methods is the most costly and risky i
ID: 1162849 • Letter: P
Question
Part A)In general, which of the following methods is the most costly and risky in estimating market demand?
Consumer surveys
Market experiments
Statistical demand analysis
Consumer focus group
Part B)
Which of the following is NOT the factor affecting how elastic a demand is?
Time of adjustment
Availability of close substitutes
Share in budget
Price of the good
A.Consumer surveys
B.Market experiments
C.Statistical demand analysis
.Consumer focus group
Part B)
Which of the following is NOT the factor affecting how elastic a demand is?
A.Time of adjustment
B.Availability of close substitutes
C.Share in budget
D.Price of the good
Explanation / Answer
a) "B"
Market experimentation is the most costly and risky in estimating market demand.
b) "C"
Share in the budget doesn't affect the elasticity but time of adjustment, availability of close substitute and the price of the good does affect it.