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Define the simple statistical concepts of average
Simple statistical concepts of average (mean) and standard deviation are used. Estimating a relationship among variables needs a more advanced statistical technique. For instance, a firm may desire to estimate its cost function which means the relationship between cost concept and level of output. A firm can also wish to demand function of its product which is the relationship between demand for its product and factors which influence it. Estimates of costs and demand are generally based on data supplied by the firm. Statistical estimation technique used is known as regression analysis and is used to engender a mathematical model showing how a set of variables are related. This mathematical relationship can also be employed to produce forecasts.
Pricing Methods
how manager can apply scarcity and oppotunity cost in managerial decision making
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A company uses 2 inputs, K and L in its production function. The production function is given as where Q, K and L are in units per week. Price of input K per unit is RM100, and inp
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How does economic theory contribute to managerial decisions
asumption and limitation of increemrntal,oppurtunity cost
a. Explain why the demand for a particular brand is more elastic than the demand for all cigarettes. If Lucky Strike raised its price by 1% in 1918, was the price elast
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