Explain the Opinion Survey method of Demand Forecasting
Explain the Opinion Survey method of Demand Forecasting.
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This method is also termed as Collective opinion method or Sales Force Composite method. In this method, the company asks its salesmen for future sales to submit estimate in their respective territories. Given method is more useful and suitable since the salesmen are more knowledgeable regarding their territory.
The firm in this illustrated graph is clearly: (1) price taker in the sale of its output because of the shapes of the VMP and MRP curves. (2) price taker in the purchase of labor when this can hire as several workers as this chooses at roughly of $13 per hour. (3) mon
Illustrates the managerial Economics according to Spencer and Siegleman?
Along two supply curves which are straight lines by the origin, the price elasticity of supply as: (w) is below 1 for all prices and quantities upon both curves. (x) is less for a given quantity beside the steeper curve. (y) equals on
The demand for a resource would increase while the: (w) price of which resource decreases. (x) price of a substitute resource decreases. (y) consumer demand for products decreases. (z) price of a complementary resource decreases.
Illustrates the conditions of price discrimination?
What are the difference between average cost and total fixed cost?
Explain the Price Elasticity of Demand.
Does managerial economics as a tool for decision making? Explain this term.
Explain the meaning of total, average, marginal and incremental revenue.
States the term fixed cost in briefly.
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