Sample interview questions: Can you explain your experience with analyzing and forecasting market demand elasticity?
Sample answer:
My experience with analyzing and forecasting market demand elasticity involves employing various econometric techniques and market research methods to determine the responsiveness of demand to changes in price, income, or other factors.
Key Steps in My Approach:
- Data Collection: Gathering historical data on market demand, price, income, and other relevant variables.
- Econometric Modeling: Using regression analysis and other statistical models to quantify the relationship between demand and independent variables.
- Elasticity Calculation: Deriving demand elasticity measures (price elasticity, income elasticity, etc.) based on estimated model coefficients.
- Sensitivity Analysis: Conducting sensitivity analysis to assess the impact of variations in independent variables on demand forecasts.
- Market Research: Incorporating qualitative insights from customer surveys, focus groups, an… Read full answer