test 3 - Elastic demand- % change in quantity demanded...

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Elastic demand- % change in quantity demanded exceeds the % change in price Inelastic demand-% change in price results in a smaller % change in quantity demand Menu engineering –menu analysis and food pricing the considers profitability and popular Price elasticity of demand-relationship btw the change in price resulting change in demand Yield management- selling rooms in a way that max total revenue not amount rooms Casual forecasting approaches- assumes that future value of one variable is a function of other variables Qualitative forecasting methods-emphasizing human judgment Quantitative forecasting methods-casual and time series approaches to forecasting Coefficient of correlation- relation btw dependent and independent variable used in casual- btw -1 and 1 Coefficient of determination-change in independent explains dependent Incremental budgeting- forecasting based on historical financial information Zero based budgeting- require justification of all expenses Operations budgeting- mngmt detailed plan to generate rev and incur expenses
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This note was uploaded on 04/21/2008 for the course HFT 4522 taught by Professor Kaufman during the Spring '08 term at University of Central Florida.

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test 3 - Elastic demand- % change in quantity demanded...

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