IntroductionThe purpose of this academic essay is to establish the differences between demand analysis and demand estimation while describing the importance of each for businesses with regard to managerial economics. This paper will also explore price elasticity and its relationship with marginal revenue and profit maximization. The significance of this essay for the student audience is to provide a canopy for integrated learning economic concepts and their application to real-world scenarios in business-related professional fields. Literature Review To provide the best possible assessment, it is important to annotate and define all associated key words. with the subject. Demand can be defined as the quantity of goods and/or services that consumers are able and willing to purchase during specified periods or times. Demand is influenced by a multitude of economic factors such as consumer income, marketing and availability. Demand analysis determines the number of units of a product or quantity of service to offer to consumers in addition to supporting possible retail pricing standards....