Demand functions. Coefficient of elasticity

As a result of solving the problems of optimal choice, it is possible to trace the relationship between changes in the price and income systems of a group of consumers, on the one hand, and the demand of this group for goods and services, on the other; and thus construct an optimal demand function. In […]

The main stages of building a mathematical model

To use a mathematical model for a specific production and economic situation, information technology should be applied. Information technology makes it possible to accurately distinguish from the set of real production and economic situations exactly the one that fully corresponds to specific circumstances. This technology consists of the following eight stages. Step 1. SELECTION OF […]

Key factors of success in competition

Key Success Factors (CFEs) are the elements that ensure a company’s success, in other words, anything that contributes to higher profits. CFIs include: strategy; properties of goods, on the basis of which consumers choose a brand or supplier; resources and opportunities that ensure the company’s victory in the competition; professional experience, productivity, actions to achieve […]