Question 1

Qualitative forecasting methods

Accepted Answer

A) use higher quality data than statistical methods. 
B) are often the result of expert opinion. 
C) cannot be replicated by another researcher. 
D) both b and c 
E) all of the above 
A) use higher quality data than statistical methods. 
B) are often the result of expert opinion. 
C) cannot be replicated by another researcher. 
D) both b and c 
E) all of the above

Question 2

The manufacturer of Beanie Baby dolls used quarterly price data for 2005I - 2013IV t = 1,...,36)and the regression equation   to forecast doll prices in the year 2014.   is the quarterly price of dolls,and   and   are dummy variables for quarters I,II,and III,respectively.   At the 2 percent level of statistical significance,the estimation results indicate that price in the ________ quarter is significantly higher than in any other quarter.

Accepted Answer

A) 1st 
B) 2nd 
C) 3rd 
D) 4th 
A) 1st 
B) 2nd 
C) 3rd 
D) 4th

Question 3

Seasonal or cyclical variation in a time series model

Accepted Answer

A) is regular in nature and can be accounted for by dummy variables. 
B) can decrease the accuracy of a forecast if not accounted for by dummy variables. 
C) exhibits irregular variation that can be accounted for by dummy variables. 
D) both a and b 
E) both b and c 
A) is regular in nature and can be accounted for by dummy variables. 
B) can decrease the accuracy of a forecast if not accounted for by dummy variables. 
C) exhibits irregular variation that can be accounted for by dummy variables. 
D) both a and b 
E) both b and c

Question 4

A forecaster used the regression equation   and quarterly sales data for 1996I-2013IV t = 1,...,64)for an appliance manufacturer to obtain the results shown below.Q is quarterly sales,and   and   are dummy variables for quarters I,II,and III.   At the 5 percent level of significance,is there a statistically significant trend in sales?

Accepted Answer

A) Yes,because 0.0362  0.01. 
C) Yes,because 0.700 > 0.05. 
D) Yes,because 2.14 >0.05. 
E) both c and d 
A) Yes,because 0.0362  0.01. 
C) Yes,because 0.700 > 0.05. 
D) Yes,because 2.14 >0.05. 
E) both c and d

Question 5

Build-Right Concrete Products produces specialty cement used in construction of highways.Build-Right is a price-setting firm and estimates the demand for its cement by the State Highway Department using a demand function in the nonlinear form:   where Q = yards of cement demanded monthly,P = the price of Build-Right's cement per yard,M = state tax revenues per capita,and   = the price of asphalt per yard.The manager at Build-Right transforms the nonlinear relation into a linear relation for estimation.The estimation results are presented below:   Given the above,the estimated demand for cement is

Accepted Answer

A) elastic because   = -4.0. 
B) elastic because   = -2.0. 
C) elastic because   = -1.5. 
D) inelastic because   = -0.32. 
E) inelastic because   = -0.8. 
A) elastic because   = -4.0. 
B) elastic because   = -2.0. 
C) elastic because   = -1.5. 
D) inelastic because   = -0.32. 
E) inelastic because   = -0.8.

Qualitative forecasting methods

Seasonal or cyclical variation in a time series model

Managers, profits, and Markets

Demand, supply, and Market Equilibrium

Marginal Analysis for Optimal Decision Making

Basic Estimation Techniques

Theory of Consumer Behavior

Elasticity and Demand

Production and Cost in the Short Run

Production and Cost in the Long Run

Production and Cost Estimation

Managerial Decisions in Competitive Markets

Managerial Decisions for Firms With Market Power

Strategic Decision Making in Oligopoly Markets

Advanced Pricing Techniques

Decisions Under Risk and Uncertainty

Government Regulation of Business

Filters

Exam 7: Demand Estimation and Forecasting

Qualitative forecasting methods

Seasonal or cyclical variation in a time series model

Managers, profits, and Markets

Demand, supply, and Market Equilibrium

Marginal Analysis for Optimal Decision Making

Basic Estimation Techniques

Theory of Consumer Behavior

Elasticity and Demand

Production and Cost in the Short Run

Production and Cost in the Long Run

Production and Cost Estimation

Managerial Decisions in Competitive Markets

Managerial Decisions for Firms With Market Power

Strategic Decision Making in Oligopoly Markets

Advanced Pricing Techniques

Decisions Under Risk and Uncertainty

Government Regulation of Business

Filters