202 Market analysis Flashcards
1
Q
Quantitative data
A
Numerical data that can be analysed using statistics
2
Q
Qualitative data
A
Non-numerical information, such as interviews or focus groups
3
Q
Price elasticity of demand (formula)
A
Measures sensitivity of demand to chance in price
%change quantity demanded / % change in price
4
Q
Income elasticity of demand (formula)
A
Measures sensitivity of demand to a change in income
%change in quantity demanded / %change in income
