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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. This can in addition ensure:
• Routine Supply of Materials: Demand forecasting facilitates in figuring out the preferred volume of production. The necessary prerequisite of raw materials in future can be calculated on the basis of such forecasts. This ensures regular and continuous supply of the materials additionally to managing the amount of supply at the economic level.
• Best Possible Use of Machines: Demand forecasting in addition expedites cutting down inactive capacity since only the essential amount of machines and equipment's are set up to meet future demands.
• Regular Availability of Labour: As soon as demand forecasts are made, supplies of essential amount of skilled and unskilled workers can be organised well beforehand to meet future production plans.
Thinking about modifications in the model again: Go back to the original model again, but add a marginal propensity to invest, this is, suppose that I = f ( i and Y). The MPI is d
CHARACTERISTICS OF MANAGERIAL ECONOMICS 1. Uses theory of firm: Managerial economics uses economic principles and conceptsthat are known as theory of Firm or 'Economics of the
plot the demand schedule and draw the demand curve for the data given for marijuana in the case above
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Explain the importance of managerial economics.
Factors influencing the supply of a commodity a) Own Price of the commodity There is a direct relationship between quantity supplied and the price so that the hig
Q. Explain about Cardinal utility? A measure of utility or satisfaction derived from consumption of services and goods which can be measured using an absolute scale. Cardinal u
Define concept of Managerial decision-making Managerial decision-making draws on economic concepts as well as techniques and tools of analysis provided by decision sciences. T
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