Using the Moving Average Technique,compute the Forecast for Week 5

question 98

Multiple Choice

Using the moving average technique,compute the forecast for Week 5 with n = 3 with the data that follows. $$\begin{array} { | c | c | } \hline \text { Week } & \text { Number of Patients } \\\hline 1 & 100 \\\hline 2 & 80 \\\hline 3 & 90 \\\hline 4 & 100 \\\hline\end{array}$$

• A)100
• B)90
• C)80
• D)75

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Definitions:

Perfectly Elastic

Describes a situation where the quantity demanded or supplied responds infinitely or by unlimited quantity to any change in price, represented graphically as a horizontal line.

Quantity Demanded

The amount (number of units) of a product that a household would buy in a given period if it could buy all it wanted at the current market price.

Breaks Even

Achieves a situation where there is no profit or loss, synonymous with the concept of the break-even point but phrased differently.

Perfectly Competitive

Describes a market structure where no single buyer or seller has market power, products are homogeneous, information is freely available, and there is free entry and exit of firms.