Economic Analysis - Some suggested areas Microeconomic tools  What contributes to changes in demand for your product?

 What contributes to changes in supply for your product?  What is the recent product price history and how does that

reflect recent changes in demand and supply?  Is your product elastic or inelastic in nature and what

implication does this have on increasing revenue?  Is your product a normal, inferior or luxury good based on its

sensitivity to changes in income?

 What are some of the substitutes and complements of your

product and how do they influence your product demand?  How do the four factors of production, namely, Land, Labour,

Capital and Entrepreneurial skills contribute to the change in value of your product?

 How do changes in costs impact on the price and quantity of your product? Macroeconomic tools  How do changes in economic activity as measured by real GDP affect your product?

 How do changes in unemployment affect your product?  How do changes in inflation affect your product?

Managing your product in a recession

How do you manage your product in an upcoming recession in terms of shifting the demand curve of your product to the right

through non-price factors? Connect all above tools for analysis..