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Statistical technique used to estimate economic variable
Some statistical techniques are used to estimate economic variables of interest to a manager. In a number of cases, statistical estimation techniques used are simple. In other cases, they are much more advanced and complex. So a manager may want to know the average price received by his competitors in the industry in addition to the standard deviation (a measure of variation across units) of product price under consideration.
If the landfill described in Example had a compacted density of 600 Kg/m3 a refuse depth of 9 m (29.5 ft), a moisture content of 20% by volume, and a 1-m (3.25-ft)-thick clay cov
gap between economic theory and business practice
A firm with market power has estimated the following demand function for its product: Q = 12,000 – 4,000 P where P = price per unit and Q = quantity demanded per year. The firm’s t
A baseball team is trying to predict ticket sales for the upcoming season. They are also considering increasing prices. The market has a population of 2 million persons. The team s
1. Prof. Thomas "Generally the term Monopoly is used to cover any effective price control, whether of demand or supply of services or goods; hardly it is used to mean a combination
Determine the Managerial economics techniques Though the most frequent applications of these techniques are as below: Risk analysis: Numerous models are used to quantif
The economic cost Unemployment represents a terrible waste of resources and means that the economy is producing a lower rate of output than it could do if there were full empl
Q. Illustrate about Pecuniary economies? Pecuniary economies (which is monetary economies) are those economies accrued by the firm from paying lower prices for the factors used
1. Suppose in a perfectly competitive industry the market demand and supply forces combine to produce a short-run equilibrium price of Rs 70. Suppose that a firm in this industry h
Q. What is the Nature of Commodity ? The nature of a commodity as well has an effect on the price elasticity of its demand. Commodities can be characterised ascomforts, luxurie
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