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ECO 550 Week 3 Assignment 1 Importance of Elasticity Strayer University(USE AS GUIDE ONLY)
Running head: DEMAND ESIMATION Week 3 Assignment 1: Importance of Elasticity Strayer University ECO 550 Running head: DEMAND ESIMATION Abstract The principal’s objective of this paper is to research and describe the details about Demand Estimation using the cause which was given about the leading brand of low-calorie, frozen microwavable food. This study will use option 1 as our mean equation to compute the elasticities for each independent variable, to determine the implication of each of the computed elasticities, the researcher here needs to recommend whether the company should or should not reduce the price to increase the market share. Also what the impact it might have in the case of assuming that all factors affecting demand in this model remain the same. Finally, the researcher must indicate and explain the crucial factors that could cause rightward shift of demand and supply curves. People in all over the world become very busy working due to the life demand, no matter what part of the world it is, couples have to work harder and put lot of hours working in order to be able to cover their kids and family demand. People start to have no time to cook, so their choices became frozen food, which does not take time to be ready, as a matter of fact some of these frozen foods are half cooked and some are completely cooked. In this case the person has to put that frozen food item into the microwave, and then the food will be ready to eat in minutes. People prefer frozen food because it is very fast, not expansive, and it is ready in minutes with no hassle. It is also very convenient and tastes great. There are so many healthy frozen dinners on the market to list them all, but here are 20 of the healthiest to consider when choosing your next frozen entre .There are many low calorie microwavable food options available in the market today. With the rise in income people can now afford an easier lifestyle therefore there has been a change in the cooking style of people.
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