Different Qualitative Methods of Demand Forecasting - Economics Assessment Answer

Assessment Task

1. What is Demand forecasting? Explain different qualitative methods of demand forecasting. State which of the methods described is most suitable for forecasting the demand for “newspaper” and why?

2. Complete the hypothetical table below and explain in brief, the law of variable proportions.

3. a. Explain the types of elasticity of demand. Calculate elasticity of demand for the following data.

3. b. Distinguish between the features of perfect competition and monopolistic competition. Give real world examples of each of these types of markets.

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