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No demand forecasting method is 100% accurate. Collective forecasts develop precision and reduce the probability of huge mistakes.
Methods which relay on Qualitative Assessment:
Forecasting demand based on expert opinion. A number of the types in this method are:
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs. 3 to 2
What is Cyert and March's behavior theory? What are the demerits.
LONG RUN EQUILIBRIUM FOR THE FIRM Since there is freedom of entry into the industry the surplus profits will attract new firms into the industry. As a result the supply of th
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
Let consider the following game among an employer (Katharine) and an employee (Kevin). Katharine needs Kevin to work hard rather than loaf around and that is why she considers spe
Bikes-for-two, Inc., produces tandem bicycles. Its costs have been analyzed as follows: VARIABLE COST Materials $30/unit Manufacturing labor 3 hours/unit ($8/hour) Assembly labor 1
THE BALANCING ITEM Since for ever position entry in the current and capital accounts there is a corresponding negative entry in the monetary account, and for every negative en
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
classification of costs
principles of time perspectives
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