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Quality and Quantity Controls: Demand forecasting is a necessary and valuable instrument in the control of management of an organisation to provide finished goods of correct quantity and quality at the correct time with the least amount of expenditure.
Financial Estimates: As per the sales level and production functions, financial requirements of an organisation can be computed using different techniques of demand forecasting. Additionally, it needs a little time to acquire revenue on practical terms. Sales forecasts will, consequently, make it possible for arranging adequate resources on practical terms and in advance as well.
Strategic Reasons For political or strategic reasons, a country may not wish to be dependent upon imports and so may protect a home industry even if it is inefficient. Many co
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Illustrate about Demand theory Demand theory is one of the core theories of consumer behaviour andmicroeconomics. It attempts at answering questions regarding the magnitude of
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A MATHEMATICAL APPROACH TO REVENUE AND COST FUNCTIONS Recall that TR = P x Q This implies that P(AR) = TR Q For example, assuming
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