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Management Decisions: An effective demand forecast assists the management to take suitable steps in factors which are relevant to decision making like plant capacity, raw-material requisites, space and building requirements as well as availability of labour and capital. Manufacturing schedules can be drafted in compliance with the demand requisites; in this manner cutting down on the inventory, production and other related costs.
Evaluation: Demand forecasting also smoothes the process of evaluating efficiency of the sales department.
Explain in brief the relationship between TR,AR and MR under perfect market condition.
In the short-run the firm can't modify or change overhead factors like equipment, plant and scale of its organisation. In the short-run output can be decreased or increased by chan
State the relevant economic quantities Managerial economics helps the management in predicting numerous economic quantities like profit, cost, capital, demand, price, productio
Consider an economy with two individuals. Individual 1 has (inverse) demand curve for a public good given by P1=60-2Q1, While individual 2 has (inverse) demand curve for the public
Using Factor Incomes for Calculating National Income A second method is to sum up all the incomes to individuals in the form of wages, rents, interests and profits t
Consumer Demand is how much of something that consumers are wanting. A company requires to know the consumer demand so they know how much of a product to build.
A MATHEMATICAL APPROACH TO REVENUE AND COST FUNCTIONS Recall that TR = P x Q This implies that P(AR) = TR Q For example, assuming
Elastic Supply Supply is said to be price elastic if changes in price bring about changes in quantity supplied in greater proportion. Thus, when price increases, quantity sup
PROPORTIONAL TAX Is where whatever the size of income, the same rate or same percentage is charged. Examples are commodity taxes like customs, excise duties and sales tax.
Ozark Bottled Water Products Inc
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