Quantitative Forecasting Methods Are Based on Opinions and Intuition,whereas Qualitative

question 42

True/False

Quantitative forecasting methods are based on opinions and intuition,whereas qualitative forecasting methods use mathematical models and relevant historical data to generate forecasts.

Analyze voting patterns and electoral significance in Barack Obama's presidential election.

Recognize migration patterns of African Americans in the early twenty-first century.

Identify cities with the largest African-American populations as of 2004.

Understand the identification of American Hispanics as blacks in terms of percentages.

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Definitions:

Long Run

In economics, the long run refers to a period in which all factors of production and costs are variable, allowing for adjustment to changes in market conditions.

Marginal Revenue

The extra revenue obtained by selling an additional unit of a product or service.

Marginal Cost

The increase in cost resulting from the manufacture of one extra product or service unit.

Average Total Cost

The total cost of production divided by the quantity produced, including both fixed and variable costs.