Problem
1. Why would forecasting cost and output be important and how would it serve managers in their decision making?
2. Are there any noticeable differences between the methods of forecasting consumer demand and forecasting a firm's cost or output?
3. Are there any differences between estimating and forecasting the short-run variables and the long-run variables? What would be the difficulties associated with any or both?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.