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Because of the complex and dynamic nature of marketing phenomenon, demand forecasting has become a regular and significant business exercise. It is necessary for profit maximisation and the expansion and survival of a business. Though before selecting any vendor a retailer must well understand importance and requirement of demand forecasting. In management circles, demand forecasting as well as sales forecasting are used interchangeably. Sales forecasts are first approximations in production and forward planning. These offer a platform upon that plans can be prepared and amendments can be made. According to American Marketing Association, 'Sales forecast is an estimate of sales in physical or monetary units during a specified future period under a proposed business plan or programmer or under an assumed set of 'economic and other planning premises, environment forces.
Factors affecting the total market demand These are broadly divided into the determinants of demand and conditions of demand. (a) Own price of the product This
Using the CD data estimate a quadratic cost function. Test the hypothesis that there is diminishing marginal cost. Be sure to state what critical value you are using. Then, using t
Long run Equilibrium of a Firm under Monopoly In the long run, firm has the time to adjust his plant size or to employ existing plant so as to maximise profit. Long run equili
Types of Price Elasticity of demand a) Perfectly inelastic demand Demand is said to be perfectly inelastic if changes in price have no the quantity demanded so
Types of Income Elasticity of demand Depending upon the product, demand might increase or decrease in response to a rise in income. There are thus five types of income Elasti
Question: i) The manager of Top Rock Company is introducing a new product that will yield $200 millions in profits if the economy does not go into recession. However, if a rec
what is meant by equi-marginal concept
Q=5K0.4 L0.6 WHERE K is number of mchine,L s number of labour, price of unit is RM24 & wages og each lanour rm12. the company constraint by it budget rm 1500 per time period. a) co
define scarcity and opportunity cost..
Arc Elasticity Is the average elasticity between two given points on the curve, i.e. Because of the negative relationship between price and quantity demanded, pr
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