Each question must be 250 words each for a paper goal of 1000 words or more.
Problem 1. What are the basic assumptions made in consumer theory and how do they affect managerial decision making?
Problem 2. Define substitution and income effects and discuss their impact.
Problem 3. In what ways can managers and businesses predict percentage changes in quantity demanded and price? Why would they want to?
Problem 4. What factors affect price elasticity of demand and what are the effects of those factors?