Respond to the assigned questions using lessons and vocabulary found in the reading . Support your answers with examples and research and cite your research using APA format. Start reviewing and responding to the postings of your classmates as early in the week possible.
Respond to the following questions;
– Many factors affect the demand for a product, which is a concern for management and the decision making process. The correctly assess the demand for this 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.
– Consider their statement long-run cost curves are planning curves, while short-run cost curves are planning cures, while short-run cost curves are operating curves. Do you agree or disagree with this statement? Support your answer with appropriate rationale. In your response use various cost concepts you have learned, as well as your concepts you have learned as well as concepts of economics and diseconomics of scale, incremental costs, and sink costs. Provide examples and applications of these costs in your response.
Justify your choices with valid assumptions and logically driven arguments. Cite any sources using APA format. Writing mechanics ( spelling, grammar, APA) and information literacy