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Q. Show the Long Term Goals - Demand forecast?
Long Term Goals: If the demand forecast period is more than a year, in that scenario it's termed as long term forecast. Following are the key objectives of such forecasts:
To settle on the production capacity: Long term decisions are entangled with capacity variations by discarding or adding capacity in the form of capital assets - manufacturing plants, new technology implementation etc. Size of the organisation must such that output matches with the sales requirements. Organisations which are very large or small in size may not be in the financial interest of the company. Inadequate capability can hasten declining delivery performance, unnecessary rise in work-in-process and disturb sales personnel and those in production unit. However, surplus capacity can be expensive and pointless. Incompetence to appropriately deal with capacity can be an obstacle to obtaining the best possible performance. By examining the demand pattern for the product and the forecasts for the future, company can prepare for a company's output of desired capacity.
Uses of Indifference Curve Analysis Indifference curve analysis is useful when studying welfare economics as follows: They are used to indicate the amount of income and
Problem 1: You are the manager of a reputed five star hotel in Mauritius and you have been asked by the director of the hotel to advise on possible pricing strategies to increa
NOMINAL RIGIDITIES VERSUS REAL RIGIDITIES Nominal rigidities are said to exist when nominal prices and wages do not change in the face of conditions that call for thei
PROPORTIONAL TAX Is where whatever the size of income, the same rate or same percentage is charged. Examples are commodity taxes like customs, excise duties and sales tax.
sample assignment
production function
Price elasticity of demand The price elasticity of demand is defined as the degree of sensitiveness or responsiveness of demand for a commodity to the changes in its price. Mo
Aside from the price of a product and its substitutes, another significant element of demand for a product is consumer's income. As noticed previously, relationship between demand
Pragmatic Managerial economics Managerial economics is pragmatic. In pure micro-economic theory, analysis is performed, based on certain exceptions, which are far from reality
Point elasticity The point elasticity of demand is described as the proportionate change in quantity demanded in response to a very small proportionate change in price. The con
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