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Q. Explain about Regression analysis?
Regression analysis is the statistical technique which identifies the relationship between two or more quantitative variables: a dependent variable whose value is to be predicted and an independent or explanatory variable (or variables), about that knowledge is available. Technique is used to find the equation which represents the relationship between the variables. A simple regression analysis can demonstrate that relation between an independent variable X and a dependent variable Y is linear, using simple linear regression equation Y= a + bX (where a and b are constants). Multiple regression will provide an equation which predicts one variable from two or more independent variables, Y= a + bX1+ cX2+ dX3.
Structural unemployment Caused by structural changes such that there exist: Cyclical unemployment : During depression, prices are too low and profit margins remain d
Factors influencing the supply of a commodity a) Own Price of the commodity There is a direct relationship between quantity supplied and the price so that the hig
Q. What is External Diseconomies? The expansion of an industry is likely to generate external diseconomies that raise the cost of production. An increase in the size of industr
Q. Explain the concept of demand function? Identical to the demand theory which pivots around the concept of demand function, theory of production revolves around the concept o
Features of Planned Economy The command economies relies exclusively on the state. The government will decide what is made, how it is made, how much is made and how distribut
To eliminate competition and thereby secure higher prices, firms producing a specific product can come together and make monopoly agreements. These are called as industrial combina
Q. Show the Properties of isoquants? Isoquants slope downwards to the right: It means that, in order to keep output constant; when amount of one factor is increased then the
What is Demand theory: Demand theory relates to the study of consumer behaviour. It addresses questions like what incites a consumer to buy a particular product, why do consume
General and Selective Credit Control These are imposed with the full apparatus of the law or informally using specific instructions to banks and other institutions. For insta
Measuring Point Elasticity on a Non-linear Demand Curve Let's now explain the method of measuring point elasticity on a non-linear demand curve. Assume we want to measure the
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