Explain the steps for demand estimation
Explain the steps for demand estimation.
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Steps in Demand Estimation:
• Identification of independent variables like price, population, price of substitutes, per capita income and advertisement expenditure. • Collection of data upon the variables by past records and publications of different agencies. • Development a mathematical model or equation which indicates the relationship in between dependant and independent variables. • Estimation of the parameters of the model. It is to estimate the unknown values of the parameters of the model. • Development of estimates based upon the model.
A strategy probable to make a cartel successful would be for cartel members to: (w) give heterogeneous goods. (x) stagger the amount by that they raise prices. (y) have set enforceable production quotas. (z) keep high prices when several fringe compet
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The demand curve for labor can be demonstrated as a negative relationship between: (w) the quantity of labor demanded and the wage rate. (x) labor productivity and the quantity of labor used. (y) employment and output. (z) wages and GDP.
To make a decision regarding resource hire, the firm should take as: (w) the price of the resource. (x) the productivity (Marginal Price) of the resource. (y) output prices. (z) All of the above. How can I solve my Economic
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