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Q. Explain about Delphi method?
Delphi method: This is a systematic, interactive forecasting method that depends on a panel of experts. Experts answer questionnaires in two or more rounds. After every round, a facilitator provides an anonymous summary of the experts' forecasts from the previous round and the reasons they provided for their judgments. So experts are encouraged to revise their earlier answers in light of the replies of other members of their panel. It is supposed that during this process the range of the answers will reduce and the group would converge in the direction of 'correct' answer. Lastly, the process is stopped after a pre-defined stop criterion (for example number of rounds, achievement of consensus and stability of results) and mean or median scores of the final rounds determine the results.
Point and arc elasticity of demand The elasticity of demand is conventionally measured either at a finite point or between any two finite points, on demand curve. The elasticit
What is the difference between monopoly and perfect competition? Monopoly versus Perfect Competition: 1. Perfect competition is equal to monopoly competition, at the perfe
I would like to get the answer to the question - Weston Industrial Manufacturing Products ("WIMP") has the capability to produce a variety of industrial products, including a numb
Suppose that the government is the only provider of water. The market demand function reads D: Q(P) = 50 - 2P. The government''s total cost for producing water are described as fol
Kinds of Bargaining arrangements Basically there are three kinds of bargaining arrangements, namely: Open Shop: In an open shop a union represents its members, but doe
In the short-run the firm can't modify or change overhead factors like equipment, plant and scale of its organisation. In the short-run output can be decreased or increased by chan
How Hospital administrator use concept of managerial economics Hospital administrator can use tools and concepts of managerial economics to determine the optimal allocation of
Q. Availability of Substitutes - Determinants of Demand? One of the most important determinants of elasticity of demand for a commodity is availability of its substitutes. Clos
Suppose there are two types of T-shirts: branded ones and unbranded ones and people allocate their spending in a way that they buy both types. Suppose the price of branded T-shirts
Discount Rate (Bank Rate) This is the rate on central bank advances and is also called official discount rate or "minimum lending rate". When commercial banks find themselves
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