Scarcity is taking over the world. “There just isn’t enough of anything” states the presenter; there is not sufficient money and time. Due to this…

To illustrate the effects of a price change, we investigate some consequences of a crude oil price change. During the mid and late 1970s, the…

Conventional theory of firm assumes profit maximization is the sole objective of business firms. But recent researches on this issue reveal that the objectives the…

The concept of short run and long run is used in economic theories like production theory, cost theory etc. In production, theory short run refers…

The concept of marginal value is widely used in economic analysis, for example marginal utility, marginal cost and marginal revenue. Marginality concept assumes special significance…

Demand estimation is predicting future demand form a product. The information regarding future demand is essential for planning and scheduling production, purchase of raw materials,…

Consumer enumeration: – In this method, almost all the potential users of the product are contacted and are asked about the future plan of purchasing…

The opinion poll methods aim at collecting opinion of those who are supposed to possess knowledge of the market e.g. sales representative, professional marketing experts…

Trend projection method is a classical method of business forecasting. This method is essentially concerned with the study of movement of variable through time. The…

Many economists use economic indicators as barometer to forecast trends in business activities. The basic approach of barometer technique is to construct an index of…