Demant / Elasticity of demand

Imp / Use of  Demand Analysis
1. Maximize profit
2. Know consumer's and producers goods
3. Show the relationship between demand and revenue
4. Production decision
5. Financial decision
6. Increase demand
7. Sales forecasting and profit calculation

Determinant of  Demand
1. Change in price
2. Change in income
3. Change in taste
4. Change in price of related goods
5. Size of population
6. Weather and climate
7. Government

Imp / Use of Income elasticity
1. Estimination of  demand for goods the long-run
2. Know the change in business activities
3. Know the market activities

Imp / Use of  Price elasticity
1. Price determination
2. Determination of tax
3. Monopoly price
4. Pricing of factor of production
5. Wage determination
6. Determination of rate of foreign exchange
7. Formulation of economic policies

 Imp / Use of Cross elasticity
1. Know the effect
2. Know the price
3. Know the complementary and substitutes goods
4. Determination of limitation