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The least square method is based on the assumption that the past rate of change of the variable under study will continue in the future. It is a mathematical procedure for fitting a line to a set of observed data points in such a manner that the sum of the squared differences between the calculated and observed value is minimized. This techniques is used to find a trend line which best it the available data. This trend is then used to project dependant variable in the future. This method is very popular because it is simple and in expensive.
discuss the implications of various market structures(competitive and non-competitive)for price determination
P=140-4Q mc1=20+30q for plant 1 mc2=80+10q for plant 2 how many units should be produced by plant 1 and plant 2 to maximise profit for this monopoly?
Average Product (AP) of a Factor: The productivity of a factor is often seen in terms of its average contribution. Although not very important in the theoretical discussions,
During its current tax year (year one) a pharmaceutical company purchased a mixing tank that had a fair market price of $120,000. It replaced the an older, smaller mixing tank that
What types of questions would concern microeconomics, versus macroeconomics? Microeconomics concerns itself with decision-making of individual consumers, firms and other organ
Distinction between Human Capital and Resource and Manpower Health and education are normally considered as human capital. Health includes both physical health and fitness. E
to what extent are interest rates determined by the economic theory
Part 1 - Select a construction-based business of your choice and explain stakeholder theory to illustrate the primary interests of the stakeholder groups and identify any areas o
What is the Macroeconomics? Macroeconomics is study about the aggregate behavior of the economy like how the actions of all the individuals and firms within the economy intera
if nominal GDP in 2002 exceeds nominal GDP in 2001, did real output rise?
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