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Describe about regression analysis
An illustration from the automobile industry is befitting for explaining the forecasting method that uses simple regression analysis. Let's presume that a statistician has data on sales of American-made automobiles in the U.S. for the last 25 years. He/she has also determined that sale of automobiles is related to the real disposable income of individuals. The statistician also has available the time series data (for the last 25 years) on real disposable income. Presume that relationship between the time series on sales of American-made automobiles and real disposable income of consumers is essentially linear and it can therefore be represented by a straight line. A rigorous mathematical method is used to locate the straight line which most accurately represents the relationship between time series on auto sales and disposable income.
Define the term forecasting As the term 'forecasting' may appear technical, planning for future is a critical aspect of managing any business or anorganisation. The long-term
what are the examples of the types of elasticity (price,income & cross elaticity
Environmental issues factors This is governed by the below factors: The type of economic system of the country Business cycles Industrial policy of the countr
Functions of Commercial Banks In modern economy, commercial banks have the following functions: i. They provide a safe deposit for money and other valuables. ii.
100 schools are given exactly one million dollars each in grant money. They can spend the money on any or all of three programs: math tutoring (math), kickball lessons (kickball),
BUSINESS CYCLES Meaning: The business cycle is the tendency for output and employment to fluctuate around their long-term trends. The figure below presents a stylised
Q. What is the Nature of Commodity ? The nature of a commodity as well has an effect on the price elasticity of its demand. Commodities can be characterised ascomforts, luxurie
distinguish between industry demand and firm demand..
Perfectly Inelastic (Zero Elastic) Supply Supply is said to be perfectly inelastic if the quantity supplied is constant at all prices. The supply curve is a vertical straight
Demand Schedule The law of demand can be explained through a demand schedule. A demand schedule is a series of quantities that consumers would like to buy per unit of time at d
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