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A demand curve is an accurate tool for predicting the decisions of consumers as long as what condition exists?
Wiki User
∙ 10y ago
haha
Wiki User
∙ 10y ago
Anonymous
there are no changes other than price that could affect consumers.
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What condition must exist to make a demand curve accurate?
The condition is that the demand curve can only be accurate as long as there are no changes other than price that could affect the consumer's decision. In other words, a demand curve is accurate only as long as the ceteris paribus assumption is true. - You're WelCUM
What are the limits of demand curve?
Demand curve is only Accurate for one very specific set of market condition.
What is key in successful decision making?
A key to successful decision making is information gathering. With accurate and helpful information, one is in a better position to make correct decisions.
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If you wish to become better at predicting the future, the best advice I could give would be for you to be as well informed as you can, about anything which is relevant to the predictions you wish to make. Accurate predictions are based on accurate information and intelligent analysis of that information.
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Short term forecasting involves predicting future events or trends over a relatively short time horizon, typically up to one year. It is useful for businesses to make decisions based on immediate needs, such as inventory management, resource allocation, and production scheduling. Short term forecasting relies on recent data and current trends to make accurate predictions quickly.
What condition must exist to make a curve accurate?
The condition is that the demand curve can only be accurate as long as there are no changes other than price that could affect the consumer's decision. In other words, a demand curve is accurate only as long as the ceteris paribus assumption is true. - You're WelCUM
What condition must exist to a demand curve accurate?
The condition is that the demand curve can only be accurate as long as there are no changes other than price that could affect the consumer's decision. In other words, a demand curve is accurate only as long as the ceteris paribus assumption is true. - You're WelCUM
Ways of predicting between given data?
Draw a line/curve of best fit and read off the value from the line. The alternative, which requires more effort but is usually more accurate, is interpolation.
