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Survey Methods: The most direct method of forecasting demand in the short run is survey method. Surveys are conducted to collect information about future purchase plans of the probable buyers of the product. Survey methods include.
Complete Enumeration Survey: Under the complete Enumeration Survey the firm has to go for a door to door survey for the forecast period by contacting all the households in the area.
TC = 1q^3 - 40q^2 + 840q + 1800 Price= $750
Market equilibrium happens where supply equals demand (supply curve intersects demand curve). An equilibrium implies that there is no force that will cause further changes in pri
At a market price of $21 a toy, what quantity does the firm produce in the short run and does the firm make a positive economic profit, a zero economic profit, or an economic loss?
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
What is law of demand
What is "high-powered money"? The "high-powered money" is the similar as monetary base, which is defined, at the minimum, as the sum of the currency in circulation (banknotes
How to solve general equilibrium in pure exchange economy with 2 consumer and 3 commodities
How might one measure differences in living standards between less developed and developed countries? This is a very wide question where any clear and relevant calculate shoul
What is Expenditure Function? The Expenditure Function: When preferences satisfy the local nonsatiation assumption, in that case v(p, m) will be strictly increasing into m.
Exercise on Demand, supply and market equilibrium Given the following determinants of demand and supply, briefly explain, using appropriate diagram, the nature of relationships be
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