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What is the nature of opportunity cost?
In economics, the opportunity cost is the next best alternative forgone in a decision. The next best alternative is determined by the values of the consumer making the decision.For example: a consumer must to choose between going to the beach, going to the cinema, or staying at home for the day (they can only do one of these for the day). The consumer values the options in this order (from most-desired to least-desired): 1) going to the beach, 2) going to the cinema, 3) staying at home. If the consumer decides to go to the beach, the opportunity cost is going to the cinema, as this is the next best alternative for the consumer. Staying at home is not the opportunity cost, as it is not the next best alternative.There is only one opportunity cost in a decision; this is the next best alternative. All other less-desirable alternatives are not considered opportunity costs in a decision.
What are the characteristics of managerial economics?
1. Micro econonic nature. 2.use of macro economics 3.use of theory firm 4.prospective nature 5.practical approch 6. Decision making at managerial level 7. Normative economics 8. Nature of business economics
What is the nature of the economics?
managerial economics deals with the business firm and the economic problems it need to solve.it is the integration of the economic theories and business practise with the purpose of facilitating decision making and forward planning of management.
Why is microeconomics important?
Before giving the answer of this question think simultaneously that, "why people buy both Insurance and lottery ticket?"In layman microeconomics is analysis of the decision made by individuals or groups. It is understood that, any decision which is taken by any individual or group is not to be reluctant. Most probably the individual is sceptical in nature, study found that sometimes the group will also be sceptical. For instance, doctors are sceptical to prescribe about the value of alternative medicine. Therefore these sceptical nature of individual create confusion in decision in his business that's why individual or group learn all strategy of microeconomics to maximize profit by firms and maximizing consumer utility.NOTE:- It is certainly true that whole economy is made up of individuals consumers and business.NOTE:- Microeconomics extend to such issue as how voters choose between political parties and how Government should set taxes.
What is the nature of production management?
The nature of production management is to drive the development of the product for the company and business. The product managers are in charge of making sure the product is performing, developing, and growing for the company.
Explain FIVE factors that may trigger for systems to be investigated for subsequent development?
The decision theory (decision analysis) refers to the techniques for analysis decisions under risk and uncertainty. In the process of decision-making the decision –maker wants to achieve something, which may be called his goal, purpose or objective. The decision –maker may choose one particular alternative, which is called strategy of the decision maker,from among various alternatives. All alternative and outcomes are assumed to be known. There are certain factors, which affect the outcome for different strategies. But these factors or conditions, also called ‘states of nature, are beyond the control of the decision-maker. The strategy (alternative) along with the state of nature determines the degree to which the goal is actually achieved. A measure of achievement of the goal is called the ‘Pay-off’ The pay-off matrix is used as method of presenting data in decision – analysis. Each cell, which is an intersection of a strategy and a state of nature, contains the pay-off
What is Hurwicz alpha criterion?
The Hurwicz alpha is a criterion for decision making under complete uncertainty that represents a comprimise between the Maximin and Maximax criteria. The alpha is a number between 0 and 1. In the special case where it is one, the criterion reduces to Maximin and in the special case where it is zero the criterion reduces to Maximax. The decision maker can set alpha to a number between zero and one according to his or her level of optimism. By "Decision Making Under Complete Uncertainty" it is meant that a decision table is available. This means that it is known which alternatives are available, which states of nature are possible, and what utility each alternative would derive in each possible state of nature. The "complete uncertainty" means that the probabilities of each state of nature occurring are unknown.
When Permanent current assets are not a factor in a manager's decision making process?
long term in nature
When would Permanent current assets not be a factor in a manager's decision making process?
When they are long term in nature
What is nature of management information system?
The nature of management information system is that it can be used for purposes of decision making. This is a system which provides all the necessary information about an organization.
What key political decision made by Abraham Lincoln helped changed the nature of the war in the Unions Favor?
Making Grant the commander of the army.
1 What is the nature and scope of accounting?
What is management accounting ?Explain the nature and scope of management accounting management accounting is a part of accounting which is used for decision making lik in the organisation these decision makers prepare cash flow statement wich helps in forcasting the future profit of the organisation
What is the nature of opportunity cost?
In economics, the opportunity cost is the next best alternative forgone in a decision. The next best alternative is determined by the values of the consumer making the decision.For example: a consumer must to choose between going to the beach, going to the cinema, or staying at home for the day (they can only do one of these for the day). The consumer values the options in this order (from most-desired to least-desired): 1) going to the beach, 2) going to the cinema, 3) staying at home. If the consumer decides to go to the beach, the opportunity cost is going to the cinema, as this is the next best alternative for the consumer. Staying at home is not the opportunity cost, as it is not the next best alternative.There is only one opportunity cost in a decision; this is the next best alternative. All other less-desirable alternatives are not considered opportunity costs in a decision.
What are modern management ethos?
Dear sir /madam Wants relates of ethics management contents is ,introduction , nature,scope, purpose,importantece , moral standard,features decision making advertising, investment etc. Dear sir /madam Wants relates of ethics management contents is ,introduction , nature,scope, purpose,importantece , moral standard,features decision making advertising, investment etc.
What is nature of management by objective as a system of management?
Management is a process of forward planning, decision making, co-ordinating, communicating and motivating the subordinates to achieve the objective of an organization.
What is the difference in nature between consumer and business marketing?
The nature and characteristics of the business market, the types of consumers, the different buying situations that occur in businesses and organizations, who is involved in the decision-making process and the business-to-business buying process
What is a bio-reserve?
A bioreserve is an alternative term for a nature reserve.
