The correct answer is Administrative decision making model.
The Administrative decision making model assumes incomplete information and bounded rationality.
<h3>What is Administrative decision making model?</h3>
- The theory of decision making was given by a famous psychologist, economist and sociologist. His name was Herbert Simon.
- He even received a Nobel Prize in Economics.
- The Administrative decision making model is a kind of a descriptive model.
- It gives us an overview of how people and managers actually make decisions in difficult situations.
- Another kind of model that Simon gave was the Rational decision making model.
- It is when people use the available facts and information to make their decisions.
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Answer:
The advertising department expense allocated to each department are as follows:
Books Dept = $11,748
Magazines Dept = $8,010
Newspapers Dept = $6,942
Totals advertising department expenses allocated = $26,700
The purchasing department expenses allocated to each department are as follows:
Books Dept = $20,081
Magazines Dept = $10,741
Newspapers Dept = $15,878
Total purchasing department expenses allocated = $46,700
Explanation:
Note: See the attached excel for the completed table used in allocating the expenses of the two service departments (advertising and purchasing) to the three operating departments.
From the attached excel, the advertising department expense allocated to each department are as follows:
Books Dept = $11,748
Magazines Dept = $8,010
Newspapers Dept = $6,942
Totals advertising department expenses allocated = $26,700
From the attached excel, the purchasing department expenses allocated to each department are as follows:
Books Dept = $20,081
Magazines Dept = $10,741
Newspapers Dept = $15,878
Total purchasing department expenses allocated = $46,700
Answer:
Do not offer cat grooming
Explanation:
Marginal cost = $30
Marginal Revenue = $25
According to the given situation Since marginal revenue is less than the marginal cost which decreases the profit. Here, we do not know about the rent as it is a fixed cost also we will not change if he wants to add further services.
Therefore, we will only consider the marginal benefits and cost of introducing the services. So Roger should not offer cat grooming.
Answer:
Option (2) is correct.
Explanation:
A supply curve is a graphical representation of quantity supplied of a commodity at every price level. The law of supply states that there is a direct relationship between the price of the product and the quantity supplied of the product.
This is one of the main reason of upward sloping supply curve. This means that as the price of a product increases then as a result the quantity supplied for that good also increases.
Demand curve is a downward sloping curve which shows that there is an inverse relationship between the price of the good and the quantity demanded for that good.