Question

1. You are working as an economist in a Household Manufacturing firm. Your boss wants to know the important factors affecting the demand for the firm’s main product. Explain how you go about completing the task.

Answer 1

I would go about completing the task by undertaking a survey and in the survey, I would actually interview people who actually purchased the product about the reasons why they actually felt it necessary and I would take a specific sample size among the entire population using convenient sampling method so that I could actually understand their requirements and their reason to buy this product. After all the interviews, I would understand the reasons why people buy the product where I would come up with various reasons according to the weights which might include factors like price, packaging, quality of the product etc.