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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.
(a) Define and explain, using diagrams, consumers' surplus; producers' surplus and total surplus that a society can derive from production and consumption of a good at a particu
Real Rigidities in the Goods Market The most important factor associated with real rigidity in the goods market is the existence of imperfect competition. Imperfect comp
The demand curve for the product of a monopolist is a straight line such that quantity just falls to zero at a price of Rs 20 per unit and that the maximum quantity (at zero price)
Disadvantages of Mixed Economy Large monopolies can still exist in the private sector, and so competition does not really take place There is likely to be a lot of bureaucr
Q.2. On the basis of the analysis of the case above, what is your opinion about legalizing marijuana in Canada ?mum 100 words accepted#
REASONS FOR FLUCTUATIONS IN AGRICULTURAL PRICES Production depends on factors beyond the control of the producers e.g. weather, disease and pests. Actual and planned output i
plot the demand schedule and draw the demand curve for the data given for marijuana in the case above
law of demand
THE ACCELERATION PRINCIPLE Suppose that there is a given ratio between the level of output Y t at any time t , and the capital stock required to produce it K t and that
A firm faces a perfectly elastic demand for its output at a price of $6 per unit of output. The firm, Though, faces an upward-sloped labor supply curve of E= 20w-120 W
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