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svet-max [94.6K]
3 years ago
15

In an economic decision making, when the inputs and outputs are fixed, the criterion to use is minimize the input.

Business
2 answers:
dedylja [7]3 years ago
8 0

Answer:

False

Explanation:

Decision making in psychology is considered as a cognitive process that results in the selection of an idea or movement from another possible option. Whether or not every decision-making process results in a move, it is definitely a final choice. To define it, decision making is determining the alternatives according to the preferences and values of the decision maker and choosing among them.

Choosing the appropriate criterion (or criterion) for choosing the appropriate alternative is an important step in making a decision.

- If a problem involves constant input among possible alternatives, the appropriate general criterion is to maximize the result. For example, a company is considering buying a new office copy machine. If the two competing alternatives have the same value (fixed input), you can select a photographer with a higher output of the corresponding criteria. The criterion may be as simple as the speed of the machine (pages per minute) or a more sophisticated criterion that incorporates the speed of the machine with the presence of some complex features.  

- İf a involves fixed output problem then the criteria is to minimize access to appropriately . For example, a company might consider installing a new elevator. Two alternate alternate load capacity, working speed and so on. If you have the same efficiency as measured, there will be a lower price (minimum entry) elevator installation.

- If no inputs or outputs are identified fixed between the alternatives, the appropriate criterion is to increase the gain (output) or simply increase the profit. For example, one of the two competing production machines, and if the cost and output rates of the machines are different, the appropriate criterion is to choose a machine with higher profitability (machine-building benefits - costs).

Tresset [83]3 years ago
3 0

Answer:

Correct answer is False for economic decision making, when the inputs and outputs are fixed, the criterion to use is minimize the input

Since, both input and output are fixed, the input can’t be decreased. Each of them has to be fixed in directive to vary the association among them. (It can be fixed contribution, or fixed production or neither one of them is fixed)

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Answer:

False

Explanation:

In order to creat great employee engagement it is higly desirable that personal values and work values are related.

4 0
3 years ago
Read 2 more answers
Assume a firm in a competitive industry is producing 800 units of output, and it sells each unit for $6. Its average total cost
Sveta_85 [38]

Answer:

Profit= $1600

The profit which firm is generating is $1600.

Explanation:

Formula:

Profit= Total Selling Cost- Total Actual Cost

Profit= (Price at which unit is sold*Number of units) - (Average cost*Number of units)

In our case:

Number of units=800 units

Price= $6

Average cost= $4

Profit= ($6*800) - ($4*800)

Profit= ($4800) - ($3200)

Profit= $1600

The profit which firm is generating is $1600.

8 0
3 years ago
Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hint: One way t
Marta_Voda [28]

Answer:

We prepared a contribution format income statement for each case, entered the known data, and then computed the missing items.

Part a:

Case                            1

Units Sold                     15000

Sales                                180,000/15000 = $ 12

Variable Expenses         120,000/ 15,000 = $ 8

Contribution Margin        $4*15000= 60,000

Fixed Expenses          50,000

Net Operating Income Loss   <u>$ 10,000</u>

<u />

Case                            2

Units Sold                     4000

Sales                                100,000/4000 = $ 25

Variable Expenses         60,000/ 4,000 = $ 15

Contribution Margin        $ 10*4000= 40,000

Fixed Expenses          32,000

<u>Net Operating Income Loss   $ 8000</u>

Case                            3

Units Sold                     10,000

Sales                                <u>200,000/10,000 = $ 20</u>

Variable Expenses         70,000/ 10,000 = $ 7

Contribution Margin        $ 13*  10,000= 130,000

Fixed Expenses      <u>  </u><u> 118,000</u>

<u>Net Operating Income Loss   $ 12,000</u>

Case                            4

Units Sold                     6,000

Sales                                300,000/ 6,000 = $50

Variable Expenses         210,000/ 6000 = $ 35 per unit

Contribution Margin        $ 15*  6000=  $ 90,000

Fixed Expenses      <u>   100,000</u>

<u>Net Operating Income Loss   $ (10,000)</u>

<u />

<u>Part b:</u>

Case                            1

Sales                             500,000  

Variable Expenses       <u>400,000  </u>  

Contribution Margin     20% of 500,000 = $ 100,000

Fixed Expenses           93,000

Net Operating Income Loss   $ 7,000

<u />

Case                            2

Sales                             400,000  

Variable Expenses       26<u>0,000  </u>  

Contribution Margin     140,000

Fixed Expenses           100,000

Net Operating Income Loss   $ 40,000

<u />

Case                            3

Sales                             250,000  

Variable Expenses      1<u>00,000  </u>  

Contribution Margin     150,000 ( 60 % of Sales )

Fixed Expenses           130,000

Net Operating Income Loss   $ 20,000

Case                            4

Sales                             600,000  

Variable Expenses       42<u>0,000  </u>  

Contribution Margin     180,000 (<u>  180,000/600,000 *100 = 30 % )</u>

Fixed Expenses           <u>185,000</u>

Net Operating Income Loss   $ (5,000)

<u />

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Identify the advantages and disadvantages of a command economy.
Ronch [10]
Good things
1. Government can control market failure
2. It help optimize social welfare
3. It prevents monopoly

Bad things
1. Lack of efficiency 
2. No rewards 

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H⁣⁣⁣⁣ere's l⁣⁣⁣ink t⁣⁣⁣o t⁣⁣⁣he a⁣⁣⁣nswer:

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