BUSINESS ADMINISTRATION
RETAIL MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Surveys, social experiments, statistical experiments
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Surveys, price experiments, statistical analysis
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Random surveys, price experiments, statistical analysis
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Surveys, price experiment, ratio analysis
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Detailed explanation-1: -The standard form of the demand equation can be converted to the inverse equation by solving for P or P = a/b – Q/b. More plainly, in the equation P = a – bQ, “a” is the intercept where price is zero (where the demand curve intercepts the Y-axis), “b” is the slope of the demand curve, “Q” is quantity, and “P” is price.
Detailed explanation-2: -Four primary methods used to estimate the parameters (coefficients) of the demand function are: (1) consumer surveys, (2) consumer clinics, (3) market experimentation, and (4) regression analysis. Regression analysis is perhaps the most important tool of demand analysis for two reasons.
Detailed explanation-3: -Another of the common steps in demand estimation is regression analysis in which a dependent variable such as demand for a product or service is compared to an independent variable such as price.