economies and diseconomies of scale in a college environment.

Provide and discuss some examples of economies and diseconomies of scale in a college environment.

Economies of scale are when there are more independent variables present and the long term average cost decreases. Diseconomies of scale, on the other hand, happen when average costs start to rise as a result of complexity and coordination effort growth. One instance is the cost of instructing students per hour in the setting of my college, which drops as the number of students rises, however at some point the cost increases as the number rises due to diseconomies of scales (Koshal & Koshal, 2014).Also, the use of information system is more advantageous as more and more number of students can be added to the system at a reducing cost.

Discuss some forecasting issues that you encounter in your daily life. How do you make your forecasts?

Some of the daily life encounters I experience are waiting in the queue in the banking hall. The trend and patterns of customers in my bank is quite predictable and makes it easy for me to determine when to go to the bank and when no to (Diebold, 2014). At the end of the month say date 28th all the way to 31st, there is usually an influx of customers who come to collect their dues as well as pay wages. The other time of the month there are fewer customers and that is my most preferred time to visit the bank.

Provide some examples of time series that exhibit a) trends; b) seasonal patterns; and c) cyclical patterns.

Trends; demand for new fashion, tablets, i-pads and new dancing styles

Seasonal; booking for holidays, buying snow garments

Cyclical; climate change, seasonal fruits, and stock changes.

References

Diebold, F. X. (2014). Elements of forecasting. South-Western College Pub..

Koshal, R. K., & Koshal, M. (2014). Economies of scale and scope in higher education: a case of comprehensive universities. Economics of education review, 18(2), 269-277.