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 xxxxx s xxxx the xxxx can xx analyzed xxx worked xxxx in xxxxxxxxxxxxx the xxxxxxxxx of xxx firms xxxx can xxxx strength xxxx what xxxx did xxxxx and xxxxx from xxx mistakes xxxx made xxxx business xxxxx starting xxx ventures xxxxxxxxxxx plays x pivotal xxxx in xxxxxxxxx how xxxx finance xxxx need xx run xxxx business xxxxxxxxx costs xxx be xxxxxxx a xxx if xx analyzing xxxxxxxxx how xxxx capital xx to xx invested xx a xxxxxxxxxx time xxx an xxxxxxx business xxxxxxxxxxxx One xxx saves xxxx of xxxxxx on xxxxxxxxxx and xxxxxxxxxxxxxx costs xx all xx all xxxxxxxxxxx is xxx an xxxxxxxxx aspect xx any xxxxxxx organization x The xxx of xxxxxxxxxxx returns xxxxxx that xxxxx a xxxxx the xxxxxxxx unit xxxx provide xxxxxxxxxxx returns xxxxxxxxxx This xxxxx that xx a xxxx uses xxxx and xxxx units xx a xxxxxxxx unit xxxxxxx the xxxxx input xxxxxxxx then xxxx and xxxxx increased xxxxxxxx unit xxx less xxxxxx of xxxxx unit xx work xxxx than xxxxx a xxxxx the xxxxxxxx product xx the xxxxxxxx unit xxxxxxxx Let xx take xx example xxxxxxxxxxx are xxxx important xxx crop xxxxxxxxxx Now xx we xxxx all xxxxx factors xx production xxxxxxxx and xxxx the xxxxxxxxxxx a xxxxxxxx unit xx will xxx as xx start xxxxxxxxxx the xxxxx of xxxxxxxxxxx the xxxx production xxxx increase xx to x point xxxxx adding xxx fertilizers xxxxx be xxxxxxx After x point xxx yield xxx unit xx fertilizers xxx can xxxx reduce xxx production xxxxxxxxx in xxx total xxxxxxx curve xx the xxxxx variable xx increased xxx unit xxxxx a xxxxx law xx diminishing xxxxxxx is xxxxxxxxx on xx The xxxxxxxxxxxx between xxx of xxxxxxxxxxx returns xxx the xxxxxx of xxxxxxxxxx can xx understood xx three xxxxxx of xxxxxxxxxx The xxxxx from xxx origin xx the xxxxx where xxxxxxx product xx maximum xx the xxxxx stage xx production xxx second xxxxx of xxxxxxxxxx is xxxxx the xxxxxxx product xx maximum xxx the xxxxxxxx product xx zero xxx range xxxxx the xxxxxxxx product xx negative xx the xxxxx stage xx production xxx a xxxxxxxx producer xxxx not xxxxxxx in xxx third xxxxx as xxx marginal xxxxxxx is xxxxxxxx which xxxxx total xxxxxxx or x greater xxxxxx could xx achieved xx using xxxx less xxxxx The xxxxxxxx will xxxxxxx in xxx second xxxxx marginal xxxxxxx of xxxx factors xx positive xxx declining xxx law xx diminishing xxxxxxx is xxx a xxxxxxx but xx a xxxxxxxx law xxxxx found xx be xxxx always x According xx the xxxxxxxx productivity xxxxxx wages xxx equal xx labor 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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