There Are at Least Three Forecasting Methods

question 31

Essay

There are at least three forecasting methods. Name them and choose one to discuss in more detail, including advantages and disadvantages.

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Definitions:

Increase in Supply

A situation in which the quantity of a good or service that producers are willing and able to offer for sale rises, holding all else equal.

Increase in Demand

Occurs when more of a good or service is sought by consumers at each and every price, often represented by a rightward shift of the demand curve.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where supply equals demand.

Demand Falls

A situation where there is a decrease in the quantity of a product or service that consumers are willing and able to purchase at a given price.