0
Microeconomics, which determines much of the business decision process, looks to the margin for much of its data. What is the marginal cost of producing one more piece of output? What is the marginal cost of hiring one more employee? What is the marginal benefit of opening another store? In other words, the business decision process is not concerned with the total cost of producing all its units as much as producing just one more. In this sense, the margin is the derivative of the total cost. When the marginal benefit of something is greater than the marginal cost, the action will be followed. If the marginal cost is greater, it will not be. A company will produce more output until marginal benefit is equal to marginal cost. To maximize profits, the decisions of a company need to be made based upon this knowledge and some very complex calculus to find just want marginal costs and benefits of any given action are.
Add your answer:
Earn +20 pts
Importance of statistics in business and economics?
Statistics is very important in business and Economics because it helps businesses make informed and accurate decision based on certain trends. It helps the planning and production process.
What quantitative techniques are applied for business analysis?
A. Quantitative Techniques with reference to time series analysis in business expansion. B. Quantitative techniques are mathematical and reproducible. Regression analysis is an example of one such technique. Statistical analysis is also an example of a quantitative technique. C. Quantitative techniques are applied for business analysis to optimize decision making IE profit maximization and cost minimization). It covers linear programming models and other special algorithms, inventory and production models; decision making process under certainty, uncertainty and risk; decision tree construction and analysis; network models; PERT and CPA business forecasting models; and computer application.
Applications of quantitative technique in business?
A. Quantitative Techniques with reference to time series analysis in business expansion. B. Quantitative techniques are mathematical and reproducible. Regression analysis is an example of one such technique. Statistical analysis is also an example of a quantitative technique. C. Quantitative techniques are applied for business analysis to optimize decision making IE profit maximization and cost minimization). It covers linear programming models and other special algorithms, inventory and production models; decision making process under certainty, uncertainty and risk; decision tree construction and analysis; network models; PERT and CPA business forecasting models; and computer application.
What are the similarities of differential and integral calculus?
One directly undoes the process of the other.
How was the formula for the surface area of a sphere developed?
By applying the process of triple integration (calculus) to the definition of a sphere.
What is the decision making process in business?
dont no
How Important Is A Business Plan In The Loan Application Process?
Business plans are crucial for startup organizations. The U.S. Small Business Administrationprogram requires a business plan as a part of the application process, and the lender can help you in writing one.
How Does A Business Plan Factor Into The Loan Application Process?
Business plans are important for startup businesses. The SBA program requires a business plan as part of the loan application process, and your lender can help you in writing one.
What is marginal economics explain?
the application of economic science in business decision making is all pervasive.more specifically, economic laws and tools of economic analysis are now applied a great deal in the process of business decision making. this has led,asmentioned earlier, to the emergence of a separate branch of study colled managerial economics.
List and define steps in the business buying decision process?
identify problems
What are the modern process for decision making in business?
"do you know your enemy?" - Green Day
How do you get your business license?
You apply for a business license at the County and State Licensing Department where the business is located. There is a small fee and application process.
How Does A Marketing Strategy Factor Into The Loan Application Process?
Business plans or marketing strategies are important for startup businesses. The SBA financingprogram calls for a business plan as a part of the application process, and your lendercan help you in writing one.
Strategic decision of a business organization and describe its key process features?
pick a strategic decision of a business organization you are familier with and describe its key process features. Discuss what activities were performed and who were peopleinvoled in the process. Critically evaluate the major influencess and its final outcomes.
Enterprise Application Development?
the process of building and deploying a scalable application for large organizations to help facilitate their business needs.
What is the correct order of the steps in the naturalization process?
undergo a background checkbe interviewed by USCISreceived a decision about application statustake an oath of loyalty to the united statesfill out application paperworkundergo a background checkreceive a decision about application statustake an oath of loyalty to the united states
What are the advantages of the partnership form of business?
With a partnership you don't have to stress over every decision. You and your partner can share the decision making process.
