如下

问题如下：

In developing their sales and expense forecasts, Marchand and Palmeiro review selected financial data on Darwin and selected economic factors, as shown in Exhibit 1. Using 2015 as the base year, the analysts expect Darwin's

•sales to grow 1% faster than projected nominal global GDP growth

•cost of goods sold to decline 0.5% annually

Marchand and Palmeiro's modeling approach can be most appropriately described as:

选项：

A.

top down.

B.

bottom up.

C.

hybrid.

解释：

The analysts base their sales forecasts on economic factors, including GDP growth, which is a top-down approach. They also base their projections on an analysis of the company's historical sales and expense data, which is a bottom-up approach. Thus, by using a combination of top-down and bottom-up approaches, Marchand and Palmeiro are using a hybrid approach.