forecasting demand
what are the criteria for good forecasting
All else identical, a competitive firm will demand more labor when: (w) technological advances lead to automation. (x) the price of the firm’s output rises. (y) more firms enter the industry. (z) competing firms offer their workers more training
The entire given can be used to calculate average profit except: w) marginal profit minus marginal cost. x) total profit divided by quantity. y) average revenue minus average total cost. z) price minus average total cost.
The labor supply curve facing a firm or industry is all the time upward sloping still when individual labor supply curves are backward bending since: (w) at higher wages everyone will supply more hours of work. (x) firms never pay wag
what is that policy that talks about not changing the policy frequently?
Differentiate between extension/contraction and shift in demand?
A change in a derived demand is best demonstrated while there are increases in: (1) sales of roasted peanuts during baseball season. (2) new car sales during economic downturns. (3) orders for new capital throughout economic booms. (4) beef prices when cowboys unioniz
Illustrates the Objectives of managerial economics?
States the implicit cost concept briefly.
States the Delphi Survey method of Demand Forecasting?
A government-supported literacy program provided from a firm which primarily employs unskilled labor is an illustration of an investment in: (1) human capital depreciation. (2) business paternalism. (3) specific training. (4) laissez-faire economics.
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