Answer the following question. Explain why it is still useful to pursue forecasting even though it is
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Answer the following question.
- Explain why it is still useful to pursue forecasting even though it is often off the mark by wide margins.
- The following table presents data on three leading indicators for a three-month period. Construct the composite index (with each indicator assigned equal weight) and the diffusion index. NOTE: Revised P7: Just construct the diffusion index from month 2 to 3. In this problem, we have three leading indicators. The diffusion index from month 1 to 2 is 66.7 (=2/3) because two indicators move up and move down.
- How is the law of diminishing returns reflected in the shape of the total product curve?
- What is the relationship between diminishing returns and the stages of production?
- 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.
- Indicate whether each of the following statements is true or false and give the reason
(a) A firm should stop expanding output after reaching diminishing returns
(b) if large and small firms operate in the same industry, we must have constant returns to scale.
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