MARKET RESEARCH AND ECONOMIC ANALYSIS, EXPLORING THE DEMAND ESTIMATION.

Abstract

In those days, market research and economic analysis work with various methods of Demand Estimation, by explaining what demand estimation is and how it involves in determining the quantity of a product or service that consumers are willing and able to purchase at different prices, with some limitation on the data collection methods.

Understanding how decision-makers are using Regression Analysis to determine the demand forecasting and the potential challenges that they are facing in using regression analysis for forecasting.

Discussing the two concepts of demand forecasting, Returns to Scale and Cobb-Douglas, and how they relate to a firm's long-term production decisions. Also, understanding the Opportunity Cost and how it differs from economic profits by giving a practical example.

Also, illustrating the distinction between fixed costs and sunk costs, the meanings and the types, is very helpful for better decision-making.