June 2011
Intermediate to advanced
150 pages
4h 22m
English
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Modeling Consumer Demand
To develop a formal model of consumer demand, the first step is to identify the most important determinants of demand and define variables that measure those determinants. Ideally, we should use variables for which data exist so that statistical estimation techniques can be applied to develop an algebraic relationship between the units of a good consumed and the values of the key determinants. Techniques to derive these algebraic relationships from historical data are outside the scope of this text, but an interested reader may want to consult a text on econometrics.4
We will examine a simple example of a model of consumer demand. Suppose a business is selling broadband services in a community. The managers of the business ...
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I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.