UHCL Substitution Effect & Forecasting New Products & Services Discussion 1. Substitution EffectWhen the price of a good changes (decreases), it becomes le | Course Hero

UHCL Substitution Effect & Forecasting New Products & Services Discussion 1. Substitution EffectWhen the price of a good changes (decreases), it becomes less expensive which allows consumers to increase their satisfaction (purchase) for that good. Just the opposite happens when the price of a good changes increases. When the price of a good changes (increases), it become more expensive which changes the consumer satisfaction for that good causing the consumer to seek a substitution. This concept is the substitution effect of the price change. In this discussion forum, identify a consumer product that has decreased in price and discuss the increase in consumer demand for this product. What have consumer substituted because of this decrease in price.2. Forecasting New Products and ServicesForecasting provides very useful projections for established products and services, but newly introduced products and services have wildly different success results. Name and discuss at least one product and one service that exploded with exponential increase in demand shortly after their introduction. What about products and services (2) that have largely been ignored?