A Quantitative Forecast

question 128

Multiple Choice

A quantitative forecast:

• A) can utilize any variables which increase flexibility.
• B) is very helpful in a dynamic business environment.
• C) is highly subject to judgment errors.
• D) relies primarily on past data.

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Definitions:

Cost-Minimization Rule

A principle in economics that suggests a firm should produce any given output at the lowest possible cost.

Statements

Assertions or declarations, often formal and written, detailing facts or opinions.

Least Costly Combination

An economic principle that firms seek to achieve by using the combination of factors of production that minimizes their costs while producing a given level of output.

Marginal Product Data

Information regarding the additional output that can be obtained by adding one more unit of a particular input, holding all other inputs constant.