Define the term business forecasting briefly
Define the term business forecasting briefly.
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Business Forecasting:
A forecast of sales of based on economic forecasts. It is since the sale of almost every firm is affected through the state of general business. Era of depression and boom have an effect on the sales value. Sales might be at a raise during the prosperity although might decline throughout the depression.
The businessman must take in consideration the business cycle he is facing hence he can have an effective forecast of sales. The significant methods of forecasting are as follows: (a) Trend Projection (b) Leading Indices and (c) Econometric Models.
Concavity (or bowed-out shapes) in production possibilities frontiers is described least fine by: (i) The law of diminishing returns. (ii) Resources being unevenly suited for various forms of production. (iii) Rising opportunity costs. (iv) Non-neutra
An individual’s labor supply curve is negatively sloped that is backward-bending into a range of wages while the: (i) demand for goods exceeds the demand for leisure. (ii) worker offers more hours of labor while the wage rate in
For a profit maximizing competitive firm operating within a competitive labor market, therefore the: (w) marginal resource cost of labor is the same to the wage rate. (x) supply of labor is perfectly inelastic. (y) production quota is
Explain the assumptions of Law Diminishing Returns.
What is Demand Forecasting?
The income effect of a small change within the wage rate for that worker most strongly exceeds the substitution effect at a wage rate of: (1) $5 per hour. (2) $10 per hour. (3) $10 per hour to $25 per hour. (4) $25 pe
Explain about leading indices.
All else equal, employees will eventually be less productive: (w) the greater is the amount of physical capital. (x) when they receive more certain training and less general knowledge. (y) if the wage rate is increased. (z) as more and more people are put on an assemb
Explain the aspects of operational or internal issues.
What are the external factors in governing prices?
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