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a) Perform Time Series Decomposition on your project Y variable excluding the hold out period. Show me the smoothed Trend Values, Smoothed Cycle Values and Seasonal Indexes.
b) Show the seasonal indices and develop a one year time series plot of them. Do they indicate strong seasonality? How can you tell?
c) Evaluate the "Goodness To Fit" usingRMSE and MAPEerror measures .
d) Evaluate the residuals for the "Fit" period byindicating the residual distribution (random or not). Use a fit period residual time series plot, residuals ACFs and a histogram to determine if the Fit period residuals are random. If the residuals are not random state if you detect anytrend, cycle and seasonality.
e) Develop a one year monthly or weekly forecast or a two year quarterly forecast (for the hold out period) using the time series decomposition model you evaluated in c) above.
f) Evaluate the "Accuracy" of the forecast for the "hold out period" using the RMSE and MAPE measures used in partb) and comment them. Did the error measures increase, remain the same or decrease from the "Fit" to "Hold Out" or forecastperiod?
Assume that the demand and supply functions for good X are as follows: What is the equilibrium price and equilibrium quantity?
Provide two examples of actions taken by a company, government, or organization whose effect is to prevent specific markets from reaching equilibrium. What evidence of excess supply or excess demand can you cite in these examples?
Sally is planning opening her own new beauty salon. She anticipates the following expenses per year, Furniture: $20,000 Additionally, Sally is withdrawing $34,000
An accountant for a car rental company was recently asked to report the firm's cost of producing various levels of output. What is the average fixed cost of producing 2 units of output? What is the average variable cost of producing 2 units of output..
Find linear demand and supply curves that are consistent with this information and how would the equilibrium price of ethanol motor fuel in the first half of 2008 compare to the price in 2007?
Determine what are the reporting reasons on why gasoline prices have been fluctuating and trending upward for the past twelve months.
What is statistical discrimination and why does it occur, Provide an example of statistical dis-eliminations. Is statistical dionimination likely to persist overtime or will it eventuly disappear. Explain
The industry has been very fragmented, so that few companies have the financial backing to make heavy investments in new technology and equipment.
Describe how a firm in a Monopoly market maximizes its profits and minimizes its losses in the short term and in the long term. Can a Monopoly make a profit in the long term?
Labor is a resource that is necessary to produce many goods. "If the price of labor falls," says the economist, "the price of goods will soon follow." How does this work?
What are some things that would affect changes in supply? How can quantity demanded be changed and what if the government raised the minimum wage. How would this policy effect your firm?
Apply the substitution and income effects to the purchase of meat given the lower price. How is this related to the law of demand? Hint: use chicken as a substitute good in your discussion.
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