Discuss teh below:
"Fundamental Economic Concepts"
• From the scenario, examine the key factors affecting the demand for and the supply of a good or service. Distinguish between changes in dem and and changes in the quantity demand. Indicate the factors that could lead to changes in demand / supply and changes in the quantity demanded / supplied. Determine the sets of factors that could lead to an increase in supply or demand on the one hand and a decrease in supply or demand on the other.
• From the e-Activity, examine the key factors that influence the supply and demand of the selected good or service. Propose two (2) methods in which organizations that provide the selected good or service may utilize this information. Provide a rationale for your response.
"Estimating Demand"
• From the scenario, examine the procedure Herb will use to estimate the demand model developed in the scenario. Determine the meaning, relevance, and importance of a manager interpreting the regression results.
• From the e-Activity, analyze the elasticity of demand for products within the selected industry. Determine the factors involved in making decisions about pricing these products that you believe to be the most influential. Provide a rationale for your response.
"Managing in the Global Economy"
• From the scenario, assuming the absence of quantitative data, determine the qualitative techniques that could be used within this scenario. Now, assume you have acquired some time series data that would enable you to make short, medium, and long term forecasts. Ascertain the quantitative technique that will provide you with the most accurate forecast. Provide a rationale for your responses.
• Aside from maximizing profits, develop guidelines that list the key factors that managers should consider when deciding whether or not to outsource or integrate forwards or backwards. Determine the key factors that you believe to be the most influential. Provide a rationale for your response