Write a Short Note on the Expert Opinion Method of Demand

question 4

Essay

Write a short note on the expert opinion method of demand forecasting.

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Definitions:

Absolute Change

The difference between the final value and the initial value of a quantity, without regard to the direction of change.

Price Level

A summary average of current prices for the full spectrum of goods and services in the economy.

Consumer Price Index

An index of the variation in prices paid by typical consumers for retail goods and other items.

GDP Deflator

A measure of the price level of all domestically produced goods and services in an economy, used to adjust nominal GDP to real GDP.