“Estimating Demand” Please respond to the following:
– Provide an example when it would be appropriate to conduct a time-series or cross sectional data. Evaluate the potential problems that may arise with your example and identify strategies for minimizing the impact of the potential problems.
– Discuss the meaning of the regression coefficient of the independent variable(s) and how it could be used to estimate the elasticities of each of these variables. Discuss how managers use the elasticities measurements to make managerial decisions.
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