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[DOC File]CHAPTER 1
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3. Whether the decision is personal or one made by business or government, the principle is the same. 4. The marginal cost of an action should not exceed its marginal benefits. 5. Marginal costs are also always opportunity costs. E. Applying the Analysis: Fast Food Lines. 1. People choose the shortest line to reduce time cost. 2.
opportunity cost decision making example

[DOC File]DRAFT
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Apr 25, 2009 · appreciate the importance of accounting and its relevance to decision-making ... absorption costing Cost Accounting for Decision-making identify the nature of various cost items and their relevance to decision-making: sunk costs, incremental costs and opportunity costs. apply costing concepts and techniques in business decisions e.g. ‘hire ...
the importance of decision making

[DOC File]Opportunity cost activity
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Costs are to people. All costs are costs to the decision-maker. Costs are subjective; individuals value costs differently. Opportunity costs may change and changes in costs affect people’s choices. Only actions have costs. “Things” have no cost independent of decisions about their use. All costs …
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[DOC File]CHAPTER 11
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Explain the opportunity-cost concept and why it is used in decision making. Are opportunity costs like grass that is always greener on the other side of the fence? Opportunity costs are those costs that might have been. Because they do not happen, one cannot know opportunity costs with any certainty. The exercise of considering “what might be ...
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[DOC File]GCE Getting Started - Pearson qualifications
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c) The importance of opportunity costs to economic agents (consumers, producers and government) 1.1.4 Production possibility frontiers (Introduction) a) The use of production possibility frontiers to depict: the maximum productive potential of an economy
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[DOC File]CHAPTER ONE - FEMA
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Such costs include out-of-pocket expenses (gasoline, food, and lodging), opportunity costs (e.g., lost pay from workdays missed during evacuation), effort, personal sacrifice, and aesthetic cost (e.g., the unattractive appearance of houses that are elevated out of the flood plain).
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[DOCX File]CHAPTER 12
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an analysis that compares internal production and opportunity costs with external purchase cost and assesses the best uses of facilities. ... In decision making, managers should consider all relevant costs and revenues associated with each decision alternative. ... Importance to Decision Maker.
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[DOCX File]STEP 6: chapter 8 reflections
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Understanding the opportunity cost of any action is crucial to decision making. For example, I have chosen to close my business to study full time. The opportunity cost of this decision is the income I was earning from my business.
opportunity cost decision making

[DOC File]Chapter 7--Joint Product and By-Product Costing
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In making decisions on whether to sell a joint product at split-off or to process it further, only the costs and revenues incurred after the split-off point are pertinent. 2. Joint costs include those costs incurred prior to the split-off point and, thus, are considered sunk costs with respect to further processing decisions (that is, the joint ...
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[DOC File]Opportunity Costs and Managerial Decision Making in a ...
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Opportunity cost is a fundamental notion in economics that applies to all forms of decision making. Opportunity costs abound in our daily activity and every organization prospers or fails based on decisions taken by its managers. Many of the key decisions focus on mobilizing scarce resources and producing valuable goods and services.
the importance of decision making

Importance of opportunity costs to decision making