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Define the term forecasting
As the term 'forecasting' may appear technical, planning for future is a critical aspect of managing any business or anorganisation. The long-term success of any organisation has close association with the propensity of the management of the organisation to foresee its future and develop appropriate strategies to deal with likely future scenarios. Intuition, knowledge and good judgment of economic conditions allows the manager to 'feel' or maybe anticipate the likelihood in the future. It's not easy, though, to metamorphose a feeling about the future outcome into concrete data for example, as a projection for subsequent year's sales volume. Forecasting methods can help predict several future aspects of a business operation like forthcoming years' sales volume projections.
State the difficulties in the measurement of profit.
Factors affecting the total market demand These are broadly divided into the determinants of demand and conditions of demand. (a) Own price of the product This
what is deadweight loss calculation?
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A. Write a detailed essay on the importance of economics to managers. OR What is the role of managerial economics in organizations ? B. What are the methods of measuring nation
firms both in monopolistic and perfect competition tend to make normal profits but why do they criticize only monopolistic competition
wHAT IS THE SIGNIFICANCE OF EXPECTATION ELASTICITY ?
The aim of monopolist is to maximise profit therefore; he would produce that level of output and charge that price which gives him maximum profits. He would be in equilibrium at th
Ask questiHow does economic theory contribute to managerial decisions? on #Minimum 100 words accepted#
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