Use supply and demand curves to illustrate how each of the following events would affect the price of butter and the quantity of butter bought and sold. Fully label your diagrams and briefly explain a. An increase in the price of margarine.
b. An increase in the price of milk.
c. A decrease in average income levels. Butter is a normal good.

answer; the above statement/question is ( true);

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a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.