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Discuss the potential problems that may arise with your example and identify strategies for minimizing the impact of the potential problems.
Time-series and cross sectional data both use the collection of information to help forecast future trends and decisions. An appropriate situation to use one of these data charts is if Wal-mart is trying to determine exactly when to put out Christmas decorations for the holiday season. They could collect data from previous years to help determine how early people begin shopping for Christmas decor. This way they are able to capitalize on sales. A potential problem that could arise is economic hard times. The studies could have been conducted when people were financially stable, and now they aren’t as stable. They could be cutting back on spending which would not work out for Wal-mart too well.
Discuss the meaning of the regression coefficient of the independent variable(s) and how it could be used to estimate the elasticities of each of these variables. Discuss how managers use the elasticities measurements to make managerial decisions.
This is the relationship between two variables in question. These can be used to determine what would happen in the future if one of these variables are changed. Managers could use this information to determine nearly what would happen if prices were raised on a certain item.
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