Illustrates the Barometric technique of Demand Forecasting
Illustrates the Barometric technique of Demand Forecasting?
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Barometric techniques: This method is considered as statistical method. In this, present events are utilized to predict directions of change in the future. It is done with the assist of statistical and economic indicators as given here:
• Construction contract, Personal income,
• Agricultural income, Employment,
• GNP, Industrial production and Bank deposit.
When a firm does not influence the wage rate no matter how many workers this hires, then: (1) MRPL = MRCL for all feasible output levels for the firm. (2) MRCL = MPPL for all feasible output levels for the firm. (3) MPPL = MRPL for all feasible output
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Illustrates the major objectives of demand analysis?
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Illustrates the environmental or external issues.
A firm’s demand for labor tends to be additional wage-elastic while: (1) the price elasticity of demand for output is greater. (2) substituting capital for labor is harder. (3) unskilled workers join unions. (4) labor costs are
Illustrates the responsibilities of managerial economists?
Define the consumer psychology and pricing and affecting elements.
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
Competitive product as well as resource markets yields resource prices and incomes to resource owners that are proportional to the: (1) relative prices of the goods produced. (2) values of marginal products of the resources. (3) distr
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