Answer the 5th question plus 1 more from questions 1–4. Then reply to 1 classmate’s thread.
- The table below shows the demand for gadgets (they’re like widgets, only they’re more mechanical) over a 5-month period. Calculate exponential smoothing forecasts for each month and for July. Use a coefficient of 0.5 and assume that the forecast for January was 8. Also, evaluate the quality of the exponential smoothing model by calculating the root-mean-square error for the data set. Note: Round all intermediate calculations to 2 decimal places (see table at bottom).
- Evaluate the performance of using the composite index of leading indicators in forecasting the recession in the U.S. (you may need to search additional information for answering this question).
- What is meant by the closed and open innovation models? Provide examples in your discussion.
- Discuss benefits and costs of unemployment benefits to individuals and to the economy.
- Comment on the following statement: “A company should produce and sell any product as long as there is a market for it.”
- “It [the wood] is man’s fuel for burning; some of it he takes and warms himself, he kindles a fire and bakes bread. But he also fashions a god and worships it; he makes an idol and bows down to it” (Isaiah 44:15–17, NIV).
- “The facts about smoking…
- Cigarettes cause cancer. Smoking is the number one cause of deaths due to lung cancer, emphysema, and other serious diseases.
- For every person who dies of smoking-related illness, 20 more suffer from a chronic disease due to smoking.
- Smoking doesn’t just hurt you. Second-hand smoke from your cigarettes is a serious danger to your children, family, and friends” (www.ffsonline.org).
- “Alcohol Facts: Alcohol is created when grains, fruits, or vegetables are fermented, a process that uses yeast or bacteria to change the sugars in the food into alcohol. Alcohol has different forms and can be used as a cleaner or antiseptic; however the kind of alcohol that people drink is ethanol, which is a sedative. When alcohol is consumed, it’s absorbed into a person’s bloodstream. From there, it affects the central nervous system (the brain and spinal cord), which controls virtually all body functions. Alcohol actually blocks some of the messages trying to get to the brain. This alters a person’s perceptions, emotions, movement, vision, and hearing” (www.abovetheinfluence.com).
Submit your thread by 11:59 p.m. (ET) on Thursday and your reply by 11:59 p.m. (ET) on Sunday.
Month Demand Table (Question 1)
Froeb, L. M., McCann, B. T., Ward, M. R., & Shor, M. (2016). Managerial economics: A problem solving approach (4th ed.). Boston, MA: Cengage Learning. ISBN: 9781305259331.
Salvatore, D. (2015). Managerial economics in a global economy (8th ed.). New York, NY: Oxford University Press. ISBN: 9780199397129.