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How demand/supply curves shifts make demand estimation difficult

Using one of the elasticities discussed in the chapter, give an example of how you would use this information to set the price for your product in the market place.

Explain one factor in detail about how shifting demand and supply curves makes market demand estimation difficult

**Must be properly cited from credible sources**

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Using one of the elasticities discussed in the chapter, give an example of how you would use this information to set the price for your product in the market place.
Explain one factor in detail about how shifting demand and supply curves makes market demand estimation difficult

**Must be properl cited from credible sources**

The information I would use is the income elasticity of demand. This elasticity measures the responsiveness of demand for a good to a change in the income of the people demanding the good. Income elasticity is positive and in case of the goods I sell is close to 2. In other words is there is a 10% increase in the income of people, there is 20% increase in the sales of my ...

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