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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.
Why we need to distinguish between private cost and social cost?
Cheap Labour It is often argued that the economy must be protected from imports which are produced with cheap, or 'sweated", labour. Some people argue that buying foreign
Real Vs Nominal GNP: "Deflating" by a price Index One of the problems that confront economists when measuring GNP is that they have to use money as the measuring rod. Thes
what is traditional theory of cost/explain with suitable diagram
distinguish between industry demand and firm demand..
Increase in demand SS is the supply curve and D 1 D 1 the initial demand curve shifts to the right, to position D 2 D 2 . P 1 is the initial equilibrium price and q 1
“Managerial economics involves use of economic analysis to make business decisions involving the best use of a firm’s scarce resources” Explain the statement with suitable example.
The Firm The unit that uses factors of production to produce commodities then it sells either to other firms, to household, or to central authorities. The firm is thus the uni
how much output should a firm produce? 80$ per unit C(Q)=40+8Q+2Qsquared
how does knowledge of economics help in maximizing profit in firm
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