Assignment:
"Estimating Demand and Its Elasticities" Please respond to the following:
• From the scenario for Katrina's Candies, examine the procedure Herb will use to estimate the demand model developed in the scenario . Analyze the elasticity of demand for products within the selected industry relevant to Katrina's Candies. Determine the factors involved in making decisions about pricing these products that you believe to be the most influential.
The Scenerio covers the following topic:
• Statistical Estimation of the Demand Curve
"Managing in the Global Economy and Outsourcing Offshore" Please respond to the following:
• From the scenario for Katrina's Candies, assuming the absence of quantitative data, determine the qualitative forecasting techniques that could be used within this scenario. Now, assume you have acquired some time series data that would enable you to make forecasts. Ascertain the quantitative technique that will provide you with the most accurate forecast.
• When deciding whether or not to outsource offshore, list the key factors aside from maximizing profits that managers should consider. Determine the key factors that you believe to be the most influential.
Scenerio: During the Weekly Scenarios Herb Jones, a graduate student and part-time data analyst, together with other key members of Katrina's Candies will work together on projects related to managerial economics and globalization.
The Scenario covers the following topics:
• Using Techniques to Forecast Variables of Interest to Business
• Foreign Exchange