Ensemble Forecasting

question 50

Multiple Choice

Ensemble forecasting

• A)is rarely used.
• B)uses several runs for the same forecast period.
• C)cancels out the chaos effect.
• D)allows accurate forecasting for at least two weeks.

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Definitions:

Substitution Effect

The change in consumption that occurs when a price change moves the consumer along a given indifference curve to a point with a new tangent and slope.

Income Effect

The change in consumption resulting from a change in real income, with income changes arising from changes in prices, wages, or other factors.

Inferior Good

A type of good for which demand decreases as the income of consumers increases.

Income-Consumption Curve

A graphical representation showing how changes in a consumer's income affect their spending behaviors on different goods.