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Harlen Industries has a simple forecasting model: Take the actual demand for the same month last year and divide that by the number of fractional weeks in that month. This gives the average weekly demand for that month. This weekly average is used as the weekly forecast for the same month this year. This technique was used to forecast eight weeks for this year, which are shown below along with the actual demand that occurred. The following eight weeks show the forecast (based on last year) and the demand that actually occurred: WEEK FORECAST DEMAND ACTUAL DEMAND 1 133 130 2 134 126 3 140 145 4 135 155 5 135 175 6 145 165 7 156 180 8 145 200 a. Compute the MAD of forecast errors. (Round your answers to 2 decimal places.) Week MAD 1 2 3 4 5 6 7 8 b. Using the RSFE, compute the tracking signal. (Round your answers to 2 decimal places. Negative values should be indicated by a minus sign.) Week Tracking Signal 1 2 3 4 5 6 7 8 c. Based on your answers to a and b, comment on Harlen’s method of forecasting. The forecast should be considered poor. The forecast should be considered good.
How would you go about activating various influencers of policy in the era of technology and social media, i.e. lobbyist, the media, public opinion, interest groups?
Jimmy’s preferences can be represented by the following utility function U = 2x + y. WealsohavePx =3,Py =3andW=100. What is Jimmy’s optimal consumption bundle? Calculate Jimmy’s income elasticity of demand for good x.
A professional photographer who specializes in wedding-related activities paid $16,000 for equipment that will have a $2000 salvage value after five years. He estimates that his costs associated with each event amount to $65 per day. If he charges $3..
In the United States, the distribution of income is more equal than the distribution of wealth. Explain this idea and address how reducing inequality could be a macroeconomic goal. Finally, what insights would Marx provide on understanding why inequa..
If instead the Fed wants to stabilize aggregate demand, how should it change the money supply..
If the demand curve increase, what will happen to price and quantity?
Depends on economic casebook how much does it cost to make a pair of nike shoes international.
Two clinics want to merge. The price elasticity of demand is -0.20, and each clinic has fixed costs of $60,000. One clinic has a volume of 7,200, marginal costs of $60, and a market share of 2 percent. The other clinic has a volume of 10,800, margina..
On a specific plot of land, X = 20L1/2 ; where X is the level of output in bushels of wheat, and L is the number of workers hired. Assuming that each worker receives a real wage equal to 1 bushel of wheat, calculate the maximum rental value of the la..
Prepare a five page research paper about social problems where the free markets are not allowed to function, which includes the market for a particular illegal good and service, a regulated market, etc.
Write down the total and marginal revenue functions (d.) Suppose there is a 4 % increase in advertisement. What will be the effect on demand?
The benefit of cutting down a forest is $1 million now. the environmental cost of that harvest is $10/year forever.
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