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Q. Explain about Delphi method?
Delphi method: This is a systematic, interactive forecasting method that depends on a panel of experts. Experts answer questionnaires in two or more rounds. After every round, a facilitator provides an anonymous summary of the experts' forecasts from the previous round and the reasons they provided for their judgments. So experts are encouraged to revise their earlier answers in light of the replies of other members of their panel. It is supposed that during this process the range of the answers will reduce and the group would converge in the direction of 'correct' answer. Lastly, the process is stopped after a pre-defined stop criterion (for example number of rounds, achievement of consensus and stability of results) and mean or median scores of the final rounds determine the results.
Schumpeter Description According to Schumpeter, a cycle represents wave like deviations in business activity from the equilibrium or trend line. There are equilibrium points an
a critique of the relevance of managerial economics
ISOQUANT ANALYSIS In the long run it is possible for a firm to produce the same output using different combinations of two factors of production. For instance it the two fact
The short run equilibrium of monopolist is displayed below in figure. Figure: Abnormal Profit under Monopoly AR is the average revenue curve, MR is marginal revenue cu
electron control,inc.,cells voltage regulators to other manufacturers , who then customize and distribute the products to quality assurance labs for their sensitive test equipment.
Bank Rate Bank rate is the rate at which the central bank gives loans to the commercial banks against the security of government and other approved first class securities. In
Unit Elasticity of Supply Supply is said to be of unit elasticity if changes in price bring about changes in quantity supplied in the same proportion. Thus, when price rises,
External Debt Problem External debt refers to debt owing by one country to another. External debt is a more serious problem than internal debt because the payment of interest
Advantages of Perfect Market It achieves, subject to certain conditions, an allocation of resources which is: socially optimal" or "economically efficient" or "pareto effi
Q. Availability of Substitutes - Determinants of Demand? One of the most important determinants of elasticity of demand for a commodity is availability of its substitutes. Clos
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