What is the forecast for May based on a weighted moving average applied to the following past demand data and using the weights: 4,3,2 (largest weight is for most recent data)?
Definitions:
Perfect Substitutes
Goods or services that can be used in place of each other with no loss of utility to the consumer.
Monotonic Transformation
A mathematical operation applied to a function that preserves the order of the data.
Utility Function
An equation that calculates the total utility a consumer gains from consuming a certain quantity of goods and services.
Indifference Curves
Graphical representations of all the combinations of goods and services that provide equal satisfaction to a consumer.
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