Q2. a. What is the law of demand? Give two examples of how you have observed the law of demand at work in the “real world.” How is the law of demand related to the demand curve? b. What variables influence the demand for a normal good? Explain why a reduction in the price of a normal good does not increase the demand for that good. Q4. What is econometric forecasting? If econometrics forecasting is considered the best forecasting technique, what usefulness remains over other forecasting techniques

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