Examlex
Which of the following are steps in making a top-down forecast?
I.Forecasting prices.
II.Sizing the total market.
III.Determining market share.
IV.Estimating customer turnover.
Prior Probabilities
Probabilities that are known or assumed before new evidence is introduced, often used in Bayesian inference to update the probability based on new data.
Likelihood Probabilities
The probabilities that reflect the likelihood of different parameter values given a sample of data, used in statistical models and inference.
Expected Value
The sum of all possible values each multiplied by its probability of occurrence, used to determine the average outcome of a random variable.
Perfect Information
refers to a theoretical condition in economics where all participants have complete and accurate information about the market.
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