One of the Purposes of an Economic Analysis as Part

question 10

Multiple Choice

One of the purposes of an economic analysis as part of a feasibility study is to

• A) formulate alternative product and service concepts.
• B) identify customer needs.
• C) assess whether there is enough demand for the proposed product.
• D) look at estimates of production and development costs and compares them to estimated sales volume.

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Definitions:

Expected Value Theory

A concept in probability and statistics that calculates the anticipated value of an investment or decision, factoring in all possible outcomes and their probabilities.

Roulette-type Games

Games of chance that are characterized by a spinning wheel and a ball that determines the winning number or color.

Charity Bazaar

is a fundraising event organized to support charitable causes, often featuring goods for sale, entertainment, and food.

Availability Heuristic

A quick mental strategy that draws on the initial instances that spring to mind for someone when thinking about a certain topic, notion, strategy, or decision-making process.