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Harlen Industries has a simple forecasting model: Take the actual demand for the same month last year and divide that by the number of fractional weeks in that month. This gives the average weekly demand for that month. This weekly average is used as the weekly forecast for the same month this year. This technique was used to forecast eight weeks for this year, which are shown below along with the actual demand that occurred. The following eight weeks show the forecast (based on last year) and the demand that actually occurred: WEEK FORECAST DEMAND ACTUAL DEMAND 1 133 130 2 134 126 3 140 145 4 135 155 5 135 175 6 145 165 7 156 180 8 145 200 a. Compute the MAD of forecast errors. (Round your answers to 2 decimal places.) Week MAD 1 2 3 4 5 6 7 8 b. Using the RSFE, compute the tracking signal. (Round your answers to 2 decimal places. Negative values should be indicated by a minus sign.) Week Tracking Signal 1 2 3 4 5 6 7 8 c. Based on your answers to a and b, comment on Harlen’s method of forecasting. The forecast should be considered poor. The forecast should be considered good.
Outline the consumer purchase decision process you used to select your college or university. Discuss your perceived problem, information sources used, awareness set, evaluative criteria, consideration set, and how happy you are with your decision.
Why short run aggregate supply curve is positively sloped? Why long run aggregate supply curve is vertical? Depict graphically the equilibrium in the aggregate demand and aggregate supply model? Explain how short run aggregate supply shifts affect th..
Explain: Because it is better to be safe than sorry, ie to exhibit precaution, the government should ban adoption of technologies like genetically modified organisms and medicines like ebola treatments until such innovations are proven to pose no ris..
A facility for a production plant can be purchased for 155,000 with a down payment of 25,000.
Elucidate how each of the following people would talk about scarcity and trade offs.
Vermont is one of many states that passed Certificate of Need (CON) laws in the 1970s. Many interest groups are in favor of repealing all CON regulations. Assuming perfect markets, describe in one page or less, using graphs where appropriate, the eff..
Beth’s Lawn Mowing Service is a small business and operates in a perfectly competitive market. The costs function for Beth’s company is given by: total cost (TC) =0.1q2 + 10q + 50 and marginal cost (MC)=0.2q + 10, where q=the number of acres Beth cho..
Explain how each change would affect bank reserves, the money supply, interest rates and aggregate demand and how this would help improve the economy.
Suppose that you are considering the purchase of a security that has the following timeline of payments: How much would you be willing to pay for this security if he market interest rate is 6%?
GoPro holds a monopoly in two countries where it sells video cameras, USA and Canada. The demand functions for the two regions are, GoPro has a unique manufacturing process where it can produce each video camera for $20. Assume there are very strict ..
If average variable costs are assumed to remain constant over a 10 percent increase in output, evaluate the effects of the proposed price cut on total profits.
Explain the viewpoints of classical and Keynesian economists. How did the economy that existed at the time of these theories influence them? Which theory is more appropriate for the economy today? Why?
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