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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.
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
Q. Concept of economies of scale? Economies of scale refers to the cost advantages that a business attains because of expansion. 'Economies of scale' is a long run concept and
explain the role of managerial economist
Advantages of the Mixed Economy Necessary services are provided in a true market economy, services which were not able to make profit would not be provided. Incentive: Sin
Describe the Optimisation of managerial economics Optimisation techniques are perhaps the most vital to managerial decision making. Given that alternative courses of action are
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Point elasticity The point elasticity of demand is described as the proportionate change in quantity demanded in response to a very small proportionate change in price. The con
monopoly
Demand for money The demand for money is a more difficult concept than the demand for goods and services. It refers to the desire to hold one's assets as money rather tha
I can''t figure out the economic model of a company that I''m supposed to write a report about. The company is a tier 2 supplier, and over the years has bought out several subsidia
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