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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.
The pigou effect, also called the real balance effect, is named after the well known Cambridge school economist Arthur Cecil pigou who had first clearly formulated the relationship
Define scarcity and opportunity cost. Show how these concepts are useful in managerial decision making
PUBLIC SECTOR BORROWING REQUIREMENT (PSBR) Public Sector Borrowing Requirement (PSBR) is the amount which the government needs to borrow in any one year to finance an excess e
Q. Show the Characteristics of monopoly? Let's summarise the main characteristics of monopoly as under: Cross-elasticity of demand for a monopoly product is zero in the
1. Prof. Thomas "Generally the term Monopoly is used to cover any effective price control, whether of demand or supply of services or goods; hardly it is used to mean a combination
demand function is q=4850 - 5p(1) + 1.5p(2) + 0.1 Y WHEN Y=10000 p(1)=200 p(2)= 100 find income elasticity of demand for p(1)
Features of Free Market System The features of a free market system are: (i) Ownership of Means of Production Individuals are free to own the means of producti
Environmental issues of Managerial economics Managerial economics also includes some aspects of macroeconomics. These relate to political and social environment in that anin
TC=100+0.15Q, Qu=1000-10Pu
Apprehensions about the future price of law of demand When consumers anticipate a constant rise in the price of a long-lasting commodity, they buy more of it despite the price
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