1 apply supply and demand analysis as a qualitative
1. Apply supply and demand analysis as a qualitative forecasting tool to see the " big picture" in competitive markets.
2. Apply various elasticities of demand as a quantitative tool to forecast changes in revenues, prices, and/ or units sold.
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1 apply supply and demand analysis as a qualitative forecasting tool to see the big picture in competitive markets2
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competitive firmsuppose the competitive market price is 50 and a competitive firmrsquos total costs 5q2 - 10q 150 and
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