Describe the Long term Demand Forecasting
Describe the Long term Demand Forecasting.
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It forecasting is meant for long period. The significant purpose of long term forecasting is specified below:
1. Planning of expansion of existing or a new unit on the basis of analysis of long term potential of the product demand.
2. Planning long term financial requirements on the basis of long term sales forecasting.
3. Planning of manpower requirements can be made upon the origin of long term sales forecast.
4. To forecast future problems of energy crisis and material supply.
Explain the target pricing briefly.
Define the areas of Scope of Managerial /Business Economics?
A firm which is a price taker in the labor market will hire labor to the point where the wage rate is equals labor’s: (w) average output. (x) marginal revenue product. (y) average revenue product. (z) marginal physical product.<
Since an economy moves downward all along the production possibility frontier which is concave from beneath, the: (1) Opportunity cost of the good whose production goes increasing. (2) Law of rising returns outcomes ever lower costs. (3) Dollar value
The value to society of the additional output produced by an additional worker is the: (w) marginal resource cost of labor. (x) value of the marginal product of labor. (y) value of the average product of labor. (z) marginal physical product of labor.<
States the Extension and Contraction of Demand.
Formulate the Cross Elasticity of demand?
When the substitution effect of a wage raise dominates the income effect, in that case the: (1) labor supply curve will be "backward bending." (2) value of the marginal product will exceed the wage rate. (3) labor force participation
Illustrates the term Law of Demand? Answer: The law of Demand is termed as the “first law in market”. It shows the relation in between quantity and price
A price taker within the labor market: (w) can set the wage that this will pay for the labor this hires. (x) can set the wage at which this will supply the use of its labor. (y) doesn’t care what wage this pays or receives. (z) can’t influ
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