When decisions need to be made, economists assume a decision will be influenced by its Group...
When decisions need to be made, economists assume a decision will be influenced by its Group of answer 1choices trade-offs. 2societal demands.3 output costs.
Homework Answers
Ans) As we know that there are limited resources and unlimited wants, the decisions that we make is based upon the choices and trade off. By weighing the advantages and disadvantages of a particular action, we take the decision.
Option a.
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When decisions need to be made, economists assume a decision
will be influenced by its Group...
QUESTION 1 Economists use the word marginal to mean 1. A decision that is only secondary...
QUESTION 1 Economists use the word marginal to mean 1. A decision that is only secondary in importance. 2. The extra benefit or cost of a decision. 3. When firms concentrate on their profit margin. 4. When an economy is producing efficiently. 5 points QUESTION 2 Economists use the word rationality to mean.... 1. When people correctly analyze a situation and come to the best decision possible. 2. Only a hypothetical scenario, people are never really rational. 3. When...
Question 3: When we make decisions, we are influenced by our emotions a) Explain the positive...
Question 3: When we make decisions, we are influenced by our emotions a) Explain the positive and negative effects of emotions in decision making. (b) Provide one (1) suitable example for each based on your experience that show: i. the positive effect of emotions; and ii. the negative effect of emotions in decision making
1.) According to bounded rationality theory, people make the best decisions when their perceptions are "bounded"...
1.) According to bounded rationality theory, people make the best decisions when their perceptions are "bounded" or framed by past experience. Group of answer choices True False 2.) One school of management thought states that organizational decisions and actions are influenced mainly by what attracts management's attention, rather than by the objective reality of the external or internal environment. Which of the following practices is closely associated with this argument? Group of answer choices stakeholder framing rational decision-making process perceptual...
1) When making Managerial decisions, explain what financial and non-financial information is involved in the decision...
1) When making Managerial decisions, explain what financial and non-financial information is involved in the decision making process? 2) Explain the following concepts utilized in Incremental Analysis--Relevant Costs, Opportunity Costs and Sunk Costs? 3) What is the purpose of incremental analysis used by a company? 4) Why do we only look at relevant costs in accepting or rejecting a special order at a set price? What assumptions are made in this decision-making process? 5) What factors do we look at...
The fundamental principles on individual decision making are that 1) people face trade-offs among alternative goals, and...
The fundamental principles on individual decision making are that 1) people face trade-offs among alternative goals, and 2) that the cost of any action is measured in terms of forgone opportunities, 3) that rational people make decisions by comparing marginal costs and marginal benefits and 4) that people change their behavior in response to the incentives they face. Talk about each one of these concepts and make sure to support your analysis with examples. Short answer please!
Describe decisions that need to be made when a business uses strategic cost management. Your initial post should be at 2...
Describe decisions that need to be made when a business uses strategic cost management. Your initial post should be at 200-300 words.
SCENARIO 1: THE PRODUCTIVITY DIVIDEND DECISION As head of the transmission/distribution group (TD group) in the...
SCENARIO 1: THE PRODUCTIVITY DIVIDEND DECISION As head of the transmission/distribution group (TD group) in the city's water agency (a government corpora- tion), you have been asked to reduce costs over the next year by a minimum of three percent without undermining service. Your department employs about 300 people who are responsible for constructing and maintaining water lines throughout the city. Although you have an engineering background, the work is complex and involves several professions and trades. Even the TD...
1. Scarcity occurs when: a. people are selfish. b. human wants and needs exceed the resources...
1. Scarcity occurs when: a. people are selfish. b. human wants and needs exceed the resources that are available to meet those wants and needs. c. there is insufficient demand. d. economies are undeveloped, 2. Rational self-interest predicts that: a. people will alter their behavior in response to changing incentives and circumstances. incentives are unimportant in decision making. incentives do not alter behavior, d. the decision-making process is efficient. 3. Which of the following is an example of a microeconomic...
Fraud occurs when Group of answer choices A. a misstatement is made and there is both...
Fraud occurs when Group of answer choices A. a misstatement is made and there is both knowledge of its falsity and the intent to deceive. B. the auditor lacks even slight care in the performance in performing the audit. C. the auditor has an absence of reasonable care in the performance of the audit. D. a misstatement is made and there is knowledge of its falsity but no intent to deceive.
When making selection decisions, the size of the selected group can affect the potential for accumulating...
When making selection decisions, the size of the selected group can affect the potential for accumulating inbreeding. To avoid inbreeding and improve selection response even with a small selected group, one of these options would work better than the others... Question 15 options: 1) Select the best and smallest selected group you can get away with and avoid matings between relatives within this small group 2) Avoid selecting any relatives so random mating cannot possibly result in an increase in...
Question 3: When we make decisions, we are influenced by our emotions a) Explain the positive and negative effects of emotions in decision making. (b) Provide one (1) suitable example for each based on your experience that show: i. the positive effect of emotions; and ii. the negative effect of emotions in decision making
SCENARIO 1: THE PRODUCTIVITY DIVIDEND DECISION As head of the transmission/distribution group (TD group) in the city's water agency (a government corpora- tion), you have been asked to reduce costs over the next year by a minimum of three percent without undermining service. Your department employs about 300 people who are responsible for constructing and maintaining water lines throughout the city. Although you have an engineering background, the work is complex and involves several professions and trades. Even the TD...
1. Scarcity occurs when: a. people are selfish. b. human wants and needs exceed the resources that are available to meet those wants and needs. c. there is insufficient demand. d. economies are undeveloped, 2. Rational self-interest predicts that: a. people will alter their behavior in response to changing incentives and circumstances. incentives are unimportant in decision making. incentives do not alter behavior, d. the decision-making process is efficient. 3. Which of the following is an example of a microeconomic...
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