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A team of analysts at Amazon is researching the viability of producing a smart watch. How might they estimate potential demand for their smart watch? a. Consider the four-step process that many companies follow to estimate the market demand curve for their product. Place the steps in order, with the first step in the highest position and the last step in the lowest position.

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Answer:

  1. Survey customers
  2. Add up the total quantity demanded by the customers at each price point
  3. Scale up the quantities demanded by the survey respondents
  4. Plot the demand curve

Explanation:

First the companies will survey customers to gauge their interest and demand for the product in question as well as the price they might consider buying it at. They will then take this data and add up the different responses from various people at each price point.

This will then scale up the quantities demanded so as to include the entire market by using the survey as a sample. After this they will plot a demand curve.

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