Which of the Following Factors Refers to Quantitative Forecasting Methods

question 114

Multiple Choice

Which of the following factors refers to quantitative forecasting methods?

• A) Judgment of the forecaster.
• B) A formal model for analyzing historical data.
• C) Prior experience of the forecaster.
• D) Expertise of the forecaster.

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Definitions:

Determinants of Demand

Factors that influence the quantity of a product or service that consumers are willing and able to buy at a given price.

Sum of Demand Curves

The aggregate demand curve that is obtained by horizontally adding individual demand curves in a market.

Snob Effect

A phenomenon where the demand for a certain good increases as the price increases because the good is perceived as being more desirable, exclusive, or prestigious.

Luxury Goods

High-quality, expensive items that are not essential but are desired for their status symbol and prestige.