The sales records of a company over a period of seven years are shown below.
a.Develop a linear trend expression for the above time series.
b.Forecast sales for period 10.
Definitions:
Monopolistically Competitive
A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power and differentiated competition.
Long-Run Equilibrium
A state in which all factors of production and costs are variable, allowing firms to make adjustments so that supply equals demand, leading to no economic profit in perfect competition.
Marginal Cost
Additional financial obligation incurred by producing another unit of a product or service.
Product-Variety Externality
Occurs when the introduction of new products benefits consumers by expanding their choices, often leading to positive market effects.
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