Marketing Management HW 1

# Marketing Management HW 1 - Illinois Institute of...

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Illinois Institute of Technology – Stuart School of Business Marketing Management : Problem Set #1 Professor Arjun Chakravarti DUE DATE: Beginning of Class Week 3. Review of Basic Materials: This homework provides an overview of some very basic skills and concepts needed to succeed in this class. If you are having trouble with any of these concepts, you should consider taking significant measures to get up to speed. INSTRUCTIONS: Homeworks will not be graded but must be turned in on time. Late submissions are not allowed. They will be useful for the midterm and final exams. You may work on these problem sets in groups of size 3 to 5. I. GRAPHING BASICS 1. Imagine that you are given a demand equation: Y = α + β X where α = 24 and β = -1.5 Y = Quantity Demanded for a product p X = Price of Product x. Z = Price of Product z. (a) Identify the dependent variable(s) and explain why it is the dependent variable. (b) Identify the independent variable(s) and explain why you chose this variable. (c) What does it mean for

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Marketing Management HW 1 - Illinois Institute of...

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