There is an ongoing debate about the roles of quantitative and qualitative inputs in demand estimation and
Question:
Suppose the head of a theater chain is convinced that any number of bits of qualitative information (the identity of the director, the film's terrific script and rock-music sound track, the Hollywood "buzz" about the film during production, even the easing of his ulcer) influence the film's ultimate box-office revenue.
How might one test which approach-purely qualitative or statistical- provides better demand or revenue estimates? Are there ways to combine the two approaches? Provide concrete suggestions.
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Related Book For
Managerial Economics
ISBN: 978-1118808948
8th edition
Authors: William F. Samuelson, Stephen G. Marks
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