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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.
Features of Free Market System The features of a free market system are: (i) Ownership of Means of Production Individuals are free to own the means of producti
A firm's technology needsit to combine 5 person-hours of labor with 3 machine-hours to make 1 unit of output. The firm has 15 machines in place and the wage rate rises from $10 per
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what is third degree discrimination
Danger of over-specialising A country may feel that in its long-term interests it should not be too specialized. A country may not wish to abandon production of certain
Ajax has the following short run cost curve when tc=800000-5000Q+100Q2
Weapons of Conflict The trade unions and the employers (or their associations) have many ways of enforcing their demands on each other. They include: Strikes: The stri
explain perspective of managerial economics
Determine Optimal Price, Quantity and Economic Profit A firm has a demand function P = 200 – 5Q and cost function: AC=MC=10 and a potential entrant has a cost function: AC=MC=20
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
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