Describe a decision that you or your company made that involved opportunity costs that should have been

Question:

Describe a decision that you or your company made that involved opportunity costs that should have been considered. Why did your company make the decision? What should it have done? Compute the profit consequences of the change.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Managerial Economics

ISBN: 9781337106665

5th Edition

Authors: Luke M. Froeb, Brian T. McCann, Michael R. Ward

See More Books

Question Posted: Jul 08, 2020 02:36 AM

See More Questions

Describe a decision that is centralized (or decentralized) in your company. How could you decentralize (or centralize) the decision? What would happen if it were decentralized (or centralized)?...
Give an example of a specific decision that you or your boss have had to make. Was the decision time driven or development driven? Be sure to state the questions you answered and how (H or L) you...
Describe a recent decision you made that relied on intuition. In your opinion, what experiences formed the source of your intuition? Did the decision lead to attainment of the desired outcomes? Did...
Certain merchandising transactions for Yule Park Gifts are listed below. November 2: Purchased 110 souvenir calendars at $9 each from Aloha Co. for cash Nov 4: Paid shipping costs $38 for the...
(a) Give the empirical formula and structural formula for a cyclic ether containing four carbon atoms in the ring. (b) Write the structural formula for a straight-chain compound that is a structural...
What is preferential etching?
What is the difference between a letter of transmittal and letter of authorization?
Harper Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak....
What is the situation analysis and marketing strategy for Rosewood Hotels ?
The following events concern Anita LeTourneau, a Manitoba law school graduate, for March 2021: 1. On March 4, she spent $20 on a lottery ticket. 2. On March 7, she won $250,000 in the lottery and...
Describe a decision made by your company that involved costs that should have been ignored. Why did your company make the decision? What should it have done? Compute the profit consequences of the...
Opportunity costs arise due to a. Resource scarcity. b. Lack of alternatives. c. Limited wants. d. Abundance of resources.
Terry received a diamond necklace from her father as a gift on December 25. Her father paid $$5,750$ for the necklace three years ago and its fair market value on December 25 is $$4,500.$ Assume...
Drawing of goods by D Bonita totalled $385 ($350 + $35 GST). Prepare two general journals showing the entry where perpetual inventory applies and then where periodic inventory applies.
(a) If sales account is $15 000, purchases $6000, inventory (beginning or opening) $500, cartage inwards $100 and inventory (end or closing) $700, what is the inventory system that is used, the cost...
On 14 July 2022, P Chaing used the debit card to pay the ABC Concert Department for two tickets to the Sydney Symphony Orchestra. This payment was not related to the business at all. Show the payment...
(a) Periodic inventory If sales account is $10 000 and the calculated value of the cost of sales is $4600, what is the gross profit where periodic inventory applies? (b) Perpetual inventory If sales...
On 1 May 2022, D Copland withdrew $355 from the business to pay for private expenditure. Show this in the journal.
Spice Inc. began October 2017 with 100 shirts that cost $76 each. During October, the store made the following purchases at cost: Oct...... 3 ................... 200 @ ............ $81 = $16,200...
The executor of Gina Purcells estate has recorded the following information: Assets discovered at death (at fair value): Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
Suppose the demand function for a firms product is given by In Qdx = 3 0.5 In Px 2.5 In Py + In M + 2 In A where Px = $10, Py = $4, M = $20,000, and A = $250. a. Determine the own price elasticity...
Suppose the own price elasticity of demand for good X is 2, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 6....
Suppose the cross-price elasticity of demand between goods X and Y is 5. How much would the price of good Y have to change in order to increase the consumption of good X by 50 percent?
f(x)=5x-3, g(x)=x-5 (f+g)(x)=(Simplify your answer.)
(5) A small maintenance project consists of the following jobs whose precedence relationships are given below: Job 1-2 1-3 2-3 2-5 3-4 Immediate Predecessor 15 15 3 5 8 8 Activity 3-6 4-5 4-6 5-6 6-7...
Let X be a binomial random variable with the probability distribution f(x) shown below. Find the probability distribution of the random variable Y=x. f(x)= Bere 3-x x=0,1,2,3 elsewhere Complete the...

Describe a decision that you or your company made that involved opportunity costs that should have been

Question:

Step by Step Answer:

Opportunity cost means next best al ternative forgone It refers to cost of next best alte...View the full answer

Managerial Economics

Students also viewed these Business questions