22 Apr MBA 5004 Managerial EconomicsWeek 2 discussionTher
MBA 5004 Managerial EconomicsWeek 2 discussionThere will be two discussion questions listed below. By the due date assigned respond to one of the discussion questions 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 1: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 goodsSubstitution and income effectsDerived demandChanges in real and projected incomesDiscuss 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.Discussion Question 2:As a manager, when you are making decisions for the company, you need to consider the distinction between how the decisions will impact the company in the short term and in the long term. Describe the information needed to make these decisions. What tests can you run to help make your decisions? Justify your answer.Start reviewing and responding to at least two of your classmates’ postings as early in the week as possible. Participate in the discussion by asking a question, providing a statement of clarification, providing a point of view with a rationale, challenging an aspect of the discussion, or indicating a relationship between one or more lines of reasoning in the discussion. Please post peer responses by the end of the week.
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