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Demand function specifies otherfactors that management will often consider, including the design andpackaging of products, the amount and distribution of the firm’sadvertising budget, the size of the sales force, promotionalexpenditures, the time period of adjustment for any price changes, andtaxes or subsidies. For this discussion forum, consider your favoriteconsumer product (e.g. cell phone, car, cereal, restaurant, hair gel,etc.) and describe the variables that might be part of the demandfunction (i.e. substitute good, complementary good, income level,advertisement, consumer preference, etc.) for this product. How wouldyou describe the elasticity of demand for this product – is it highly orsomewhat elastic or inelastic? Why?

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