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Criteria of a Good Forecasting Method:
1. Simplicity : and Ease of Comprehension: Management must be able to understand and have confidence in the techniques used complicated mathematical and statistical techniques may be avoided.
2. Economy: Cost must be weighed against the importance of the forecast to the operation of the business. The criticism should be the economic consideration of balancing the benefits from increased accuracy against the extra cost of providing the improved forecasting.
3. Availability : Techniques should given quick results and useful information.
4. Durability: Durability of the forecasting power of a demand and function depends on reasonableness and simplicity of functions fitted.
5. Accuracy : Sales forecasting is the basis of marketing planning and therefore sales forecasts should be as much accurate as possible.
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A film studio in Hollywood produces movies according to the function q = F(K;L) = (2=100)K^0.5L^0.5 In the short run, capital (studios, gear) is xed at a level of 100. It costs $
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For each of following production functions, comment on the ability to substitute capital for labor. Note that Q, K, and L denote output, capital, and labor respectively. A: B
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where would i find the matter for this topic?
Island Economy: Consider an economy as a sea with islands of local markets. Each household produces goods and sells them on one and only one of the arrays of these markets. Go
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