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Describe the Forecasting method in managerial economics
It is a technique or a method to predict many future aspects of a business or any other operation. For illustration, a retailing firm which has been in business for the last 25 years can be interested in forecasting the likely sales volume for the coming years. Many forecasting techniques can be used to attain this goal. A forecasting technique for instance, can provide such a projection based on the experience of firm during the last 25 years; which is, this forecasting technique bases the future forecast on past data.
For all regular goods, income elasticity is positive though the degree of elasticity fluctuates as per the nature of commodities. Consumer goods are generally categorised under thr
PER CAPITA INCOME AND INTERNATIONAL COMPARISONS Per capita income figures can also be used to compare the standards of living of different countries. Thus if the per capita in
gap between economic theory and business practice
Explaination of the Marris Model
Explain the limitations of managerial economics
A risk-neutral agent's working life has two periods. In each period, the agent can provide high effort (at personal cost $2,000) or low effort (at zero personal cost). In a given p
Q. Show the Fixed Proportion Production Function? A fixed proportion production function is one in that technology needs a fixed combination of inputs, say labour and capital,
The demand curve Suppose that starting from a condition of equilibrium, the price of X falls relative to Y. We now have a condition where the utility from the last shilling s
The gap between theory and practise and the role of managerial economics: We have noted above that application of theories to the process of business decision making contributes a
Explain how a product would reach equilibrium position with the help of -iso-quants and iso-cost curve.
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