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Methods of Forecasting
The various methods of forecasting demand may be grouped under the followings categories:
Opinion Polling Method: In this method the opinion of the buyers sales forces and expert could be gathered to determine the emerging trend in the market.
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Social cost: Social cost of production refers to the cost incurred by a society when its economic resources are used to produce a given commodity. The usage of a society’s res
Rationale for government intervention There are six major functions the government can perform in an economy. 1. The government provides a legal and social framework within which
Inflation-Unemployment Trade-off under Rational Expectations : Robert Lucas (1972) pointed out another implication of the above hypothesis of adaptive expectations. Suppose in
A city government regulates taxi fares. It also limits the number of taxicabs (by licensing), and has not changed the limit on cabs for lot of years. At one time vacant taxis wer
Determinants of the price elasticity of demand are explained below: 1. Number of close substitutes present within the market - The more and closer substitutes available in the
Air is one of the important constituent in the environment that is prone to pollution. Pollution of air refers to that part of atmosphere which is very nearest to the earth’s surf
Problem 1: i) ‘There is a trade-off between inflation and unemployment.' Do you agree with this statement? Justify your example using appropriate diagrams. ii) Mauritius is
The main features of outward-oriented and inward-oriented development strategies. Inward- oriented as focus on reducing domestic reliance on imports by executing high barrier
SHORT PERIOD ANALYSIS: Short period in production refers to a time when some inputs remain fixed. A fixed input is one, whose quantity cannot be changed readily, whereas, a va
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