This chapter provides knowledge of demand estimation & forecasting. The contents of this chapter include all of the following: Utility Theory; Indifference Curves; Budget Constraints; Individual Demand; Optimal Consumption; Demand Sensitivity Analysis: Elasticity; Price Elasticity of Demand; Price Elasticity and Marginal Revenue; Price Elasticity and Optimal Pricing Policy; Cross-price Elasticity of Demand; Income Elasticity of Demand. |