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respond to the discussion question and submit your response to the Discussion Area. Use the lessons and vocabulary found in the reading. Support your answers with examples and research and cite your sources using APA format.
Discussion Question:
Many factors affect the demand for a product, which is a concern for management and the decision-making process. To correctly assess the demand for their products, managers must determine the effect of all relevant variables. Select a particular industry or product and define the following variables:
Inferior versus normal goods
Substitution and income effects
Derived demand
Changes in real and projected incomes
Discuss how these variables can affect the demand for your product or industry and what methods could be used to estimate the effect of these variables. Justify your answer.
Since you are engaging in research, be sure to cite in the body of
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