Suppose that a restaurant uses a focus group of regular customers to determine how many customers would buy a proposed new menu item at various prices. Can this information be used to estimate an inverse demand function? A demand function? Explain briefly. Would it be possible to use a focus group to generate data that could be used to estimate a demand function that includes both price and income as explanatory variables?

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22-11-2021
Business

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Suppose that a restaurant uses a focus group of regular customers to determine how many customers would buy a proposed new menu item at various prices. Can this information be used to estimate an inverse demand function? A demand function? Explain briefly. Would it be possible to use a focus group to generate data that could be used to estimate a demand function that includes both price and income as explanatory variables?

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topeadeniran2 topeadeniran2 · Answer 1 · 2021-11-28T11:01:56+01:00

The information can be used to estimate an inverse demand function and a demand function as E. the demand curve, and the inverse demand curve can be calculated from it.

A demand function with price and income as explanatory variables can be generated from the focus group by capturing buying pattern data at different prices and levels of income.

It should be noted that a demand function simply shows the relationship that exists between the quantity demanded and price. Based on the question, using a demand function can be computed easily since quantity is a function of price.

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