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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.
Drafting of Production Policy: Demand forecasts assists in drafting appropriate production policy so that there may not be any space between future demand and supply of a product.
In a one-shot game, if you advertise and your rival advertises, you will each earn RM5 million in profits. If neither of you advertises, your rival will make RM4 million and you w
Q. Show the Characteristics of monopoly? Let's summarise the main characteristics of monopoly as under: Cross-elasticity of demand for a monopoly product is zero in the
calculate point elasticity of demand for demand function q=10-2p for decrease in price from rs 3 to rs 2
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