What Kind of Forecast Would Help Sky High Airlines Estimate

question 49

Multiple Choice

What kind of forecast would help Sky High Airlines estimate when the industry will engage in a price war?

• A) Market
• B) Time series
• C) Event timing
• D) Heuristic
• E) Event outcome

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Definitions:

Economic Profits

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing the gains from its operations.

Marginal Revenue

The additional income earned by selling one more unit of a product or service.

Toys

Objects designed for play, typically used by children, that can range from simple handmade items to complex electronic gadgets.

Demand Schedule

A chart displaying how much of a product consumers are ready and able to buy at different price points.