Question.2881 - Discussion question 1 – Which type of smoothing technique is generally better? ( b) How do we determine which of two smoothing techniques is better? ( c) How can we forecast the values of a time series that contains a secular trend as well as strong seasonal and random variations? Discussion question 2 – Explain why it is still useful to pursue forecasting even though it is often off the mark by wide margins. Discussion question 3 – (a) How is the law of diminishing returns reflected in the shape of the total product curve? (b) What is the relationship between diminishing returns and the stages of production? Discussion question 4 – Minimum wage legislation requires most firms to pay workers no less than the legislated minimum wage per hour. Using marginal productivity theory, explain how a change in the minimum wage affects the employment of unskilled labor. Discussion question 5 – It is always better to hire a more qualified and productive worker than a less qualified and productive one regardless of cost. True or false? Explain.
Answer Below:
Q xxxxx are xxx different xxxxx of xxxxxxxxx techniques xxxxxx Averages xxxxxxxxxxx Smoothing xxx moving xxxxxxxx are xxxxxxxxxx in xxxxxxxxxxx as xxxx allot xxxxx weight xx all xxx observations xx computing xxx average xxxxxxx exponential xxxxxxxxx overcomes xxxx objection xxx is xxxx frequently xxxx and xx therefore xxxxxx The xxxxxx averages xxxxxx equal xxxxxxx to xxx the xxxxxx in xxx time xxxxxx whereas xxxxxxxxxxx Smoothing xxxxx higher xxxxxxxxx to xxx recent xxxxxx The xxxxxx averages xxx the xxxx common xxxx of xxxxxxx used xx analysts xxxx is xx is xxxxxxxxxx by xxxxxxxx the xxx of x set xx prices xx the xxxxx number xx prices xxxxx in xxx series xxx the xxxxxxxxxxx smoothing xxxxxxx places x higher xxxxxxxxx on xxxxxx data xxxx that xx the xxxxx data xxx hence xxx more xxxxxxxx to xxx latest xxxxx changes xxxxxxxxx the xxxxxxx from xxxxxxxxxxx smoothing xxx considered xx be xxxx precise xxx timely xxx are xxxxxxxxx by xxxxxxx and xxxxxxxx alike xx the xxxx series xxxx contains xxxx the xxxxxxx trend xx well xx strong xxxxxxxx and xxxxxx variations xxxx double xxxxxxxxxxx smoothing xxxxxxxxx is xxxxxxxx Q xxxx though xxxxxxxxxxx results xxx not xxxxxxxx and xxx often xxxxxx by xxxx margins xxx they xxxx many xxxxxxxxxx The xxxxx aim xx forecasting xx to xxxxxxx technical xxxxxxxxxxx to xxxxx helping xxxx reduce xxxxx and xxxxxxxxxxxxx that xxxx face xx the xxxxx term xxxxxxxxxxx decision xxxxxx and xxx planning xxx long xxxx goals xxxxx are xxx different xxxxx of xxxxxxxxxxx techniques xxxxx range xxxx simple xx complex xxx inexpensive xx highly xxxxxxxxx Forecasting xxxxx in xxxxxxxxxx the xxxxxx about xxx firm xxxxxx the xxxxxxx are xxx accurate xxx they xx give x fair xxxx about xxx times xx come xx this xxxx changing xxx evolving xxxxx it xx very xxxxxxxxx to xxxx the xxxxx and xxxxx of xxx customers xxxxxxxxxxx helps xx studying xxxxxxxxx behaviors xxxxx and xxxxxxx helps xxx firms xx give xxxx the xxxxxxx they xxxx Data x from xxx past xxx be xxxxxxxx and xxxxxx upon xx understanding xxx functions xx the xxxxx They xxx draw xxxxxxxx from xxxx they xxx right xxx learn xxxx the xxxxxxxx they xxxx Even xxxxxxxx firms xxxxxxxx new xxxxxxxx forecasting xxxxx a xxxxxxx role xx analyzing xxx much xxxxxxx they xxxx to xxx that xxxxxxxx Inventory xxxxx can xx reduced x lot xx by xxxxxxxxx correctly xxx much xxxxxxx is xx be xxxxxxxx at x particular xxxx for xx optimum xxxxxxxx organization xxx can xxxxx lots xx amount xx warehouses xxx transportation xxxxx So xxx in xxx forecasting xx now xx important xxxxxx of xxx growing xxxxxxxxxxxx Q xxx law xx diminishing xxxxxxx states xxxx after x point xxx variable xxxx will xxxxxxx diminishing xxxxxxx invariably xxxx means xxxx if x firm xxxx more xxx more xxxxx of x variable xxxx keeping xxx fixed xxxxx constant xxxx each xxx every xxxxxxxxx variable xxxx has xxxx amount xx fixed xxxx to xxxx with xxxx after x point xxx marginal xxxxxxx of xxx variable xxxx declines xxx us xxxx an xxxxxxx fertilizers xxx very xxxxxxxxx for xxxx production xxx if xx keep xxx other xxxxxxx of xxxxxxxxxx constant xxx make xxx fertilizers x variable xxxx we xxxx see xx we xxxxx increasing xxx units xx fertilizers xxx crop xxxxxxxxxx will xxxxxxxx up xx a xxxxx where xxxxxx the xxxxxxxxxxx would xx optimum xxxxx a xxxxx the xxxxx per xxxx of xxxxxxxxxxx and xxx even xxxxxx the xxxxxxxxxx Similarly xx the xxxxx product xxxxx as xxx labor xxxxxxxx is xxxxxxxxx per xxxx after x point xxx of xxxxxxxxxxx returns xx reflected xx it xxx relationship xxxxxxx law xx diminishing xxxxxxx and xxx stages xx production xxx be xxxxxxxxxx in xxxxx stages xx production xxx range xxxx the xxxxxx to xxx point xxxxx average xxxxxxx is xxxxxxx is xxx first xxxxx of xxxxxxxxxx The xxxxxx stage xx production xx where xxx average xxxxxxx is xxxxxxx and xxx marginal xxxxxxx is xxxx The xxxxx where xxx marginal xxxxxxx is xxxxxxxx is xxx third xxxxx of xxxxxxxxxx Now x rational xxxxxxxx will xxx operate xx the xxxxx stage xx the xxxxxxxx product xx negative xxxxx means xxxxx product xx a xxxxxxx output xxxxx be xxxxxxxx by xxxxx much xxxx labor xxx producer xxxx operate xx the xxxxxx stage xxxxxxxx product xx both xxxxxxx is xxxxxxxx and xxxxxxxxx The xxx of xxxxxxxxxxx returns xx not x theorem xxx is x physical xxx which xxxxx to xx true xxxxxx Q xxxxxxxxx to xxx marginal xxxxxxxxxxxx theory xxxxx are xxxxx to xxxxx s xxxxxxxx revenue xxxxxxx Therefore xx increase xx labor xxxxxxxxxxxx should xx reflected xx a xxxxxxx wage xxxxxxxx Marginal xxxxxxx product xx the xxxxx revenue xxxxxxxxx by xxx use xx an xxxxxxxxxx unit xx labor xxx example xx an xxxxxxxxxx unit xx labor xxxxxxxxx extra xxxxxxx of xxx and xxx cost xxx that xxxxx is xxxx there xx an xxxxxxxx of xxxxxxx of xxx other xxxxxxx remaining xxxxxxxx then xxx firm xxxxxx employ xxxx extra xxxx of xxxxx Minimum xxxx legislation xx an xxxxxxxxx legislation xx it xxxxxx parity xx wages xxx hour xxx different xxxxxxxx has xxxxxxxxx margins xxx different xxx of xxxxxxx Many xxxxxxx of xxxxxxxxxxxxx units xxx unskilled xxxxxxx Now xxx marginal xxxxxxx which xxxx bring xx the xxxx is xxxxxxxxx lower xxxx the xxxxxxx wage xxxxx has xx be xxxx to xxxx In xxxx scenario xx is xxxxxxxxxx for xxx firms xx continue xxxx the xxx of xxxxxxxxx workers xx no xxxx can xxxx survive xx a xxxx making xxxxxxxxx So xx has xxxxxx found xxx that xxx minimum xxxx legislation xxxxxxx in xxxxxxxxxx to xxx unskilled xxxxxx Q xxx statement xx true xxx labor xxxxxx is xxxxxxxxxxxx tightening xxxxxxxxx are xxxxxxxxxxxx concerned xxxxx having xxxxxxxxxx qualified xxx productive xxxxxxxxx The xxxx of xxx hour xx competent xxxxxxxxx and xxxxxxxxx workers xxx can xxxxx the xxxxx of xxx organization xxxxx is xx satisfy xxx needs xx the xxxxxxxxx There xx cut xxxxxx competition xx each xxx every xxxxxx no xxx can xxxxx a xxxxxxxx of xxx product xxxxx Skilled xxx productive xxxxx may xx short xxxx cost xxxx to xxx organization xxx with x dedicated xxx stable xxxxxxxxx the xxxxxxx in xxx long xxxx are xxxx positive xxx times xxx changing xxxxxx are xxx not xxxxxxx forward xx work xxx hours xxx hours xx a xxx We xxx in xxxxx of x transition xxxxx balance xx the xxx word xxxxx is xxxxx a xxxxx majority xx worker xxx are xxxxxxxxx and xxxxx need xxxxxx be xxxxxxxxxx but xxxxxx with xxx modernization xxxxxxxxx of xxxxxxxxxx unskilled xxxxxx are xxxxxxx out xxxx and xxxxx company xx striving xxx the xxxx product xx the xxxxxxxxx would xxx expect xxxxxxxx less xxxxxxx is xx utmost xxxxxxxxxx Gone xxx the xxxxx when x utility xx a xxxxxxx was xx more xxxxxxxxxx than xxx look xxxxxx feel xx a xxxxxxx Companies xxx realizing xx after x point xx time xxxxxxxxx labors xxxxxx more xx a xxxxxx to xxx organization xxx with xxxx world xxxxx technologies xxxxxx machineries xxxxxx over xxx demand xxx skilled xxxxxxx who xxx work xxxx the xxxxx equipments xx the xxxx of xxx hourMore Articles From Economics
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