Opportunity costs

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  • When you finish this chapter, you should: Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade-offs that exist in life, distinguish between increasing and constant opportunity cost and understand why each might happen in the real world, analyze an argument by thinking economically, while recognizing and avoiding logical traps.

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  • In this chapter you will learn that economics is about the allocation of scarce resources, examine some of the tradeoffs that people face, learn the meaning of opportunity cost, see how to use marginal reasoning when making decisions, discuss how incentives affect people’s behavior...

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  • In lecture Principles of economics - Chapter 5 you will: Examine what items are included in a firm’s costs of production, analyze the link between a firm’s production process and its total costs, learn the meaning of average total cost and marginal cost and how they are related, consider the shape of a typical firm’s cost curves, examine the relationship between short-run and long-run costs.

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  • In this chapter you will learn about some typical reasoning problems people have when they make decisions. You will learn that the most important cost to consider is opportunity cost, and that marginal cost should be used when applying the cost-benefit principle.

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  • Chapter 1 - The power of economics. In this chapter you will learn: Explain the economic concept of scarcity, explain the economic concepts of opportunity cost and marginal decision making, explain the economic concept of incentives, explain the economic concept of efficiency, distinguish between correlation and causation, list the characteristics of a good economic model, distinguish between positive and normative analysis.

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  • Chapter 1 - The challenge of Economics. After reading this chapter, you should be able to: Explain the meaning of scarcity, define opportunity cost, recite society’s three core economic questions, discuss how market and command economies differ, describe the nature of market and government failure.

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  • Chapter 2 - The nature of costs. The topics discussed in this chapter are: Opportunity costs, cost variation, cost–volume–profit analysis, opportunity costs versus accounting costs, cost estimation, costs and the pricing decision.

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  • Chapter 3 - Opportunity cost of capital and capital budgeting. The main contents of the chapter consist of the following: Opportunity cost of capital, interest rate fundamentals, capital budgeting: the basics, capital budgeting: some complexities, alternative investment criteria.

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  • Chapter 1 - What is microeconomics? After reading this chapter, you should be able to answer the following questions: What is economics? What are key assumptions of economics? What is Production Possibility Frontier? What is opportunity cost? What is the difference between microeconomics and macroeconomics?

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  • In this chapter you will: Examine what items are included in a firm’s costs of production, analyze the link between a firm’s production process and its total costs, learn the meaning of average total cost and marginal cost and how they are related, consider the shape of a typical firm’s cost curves, examine the relationship between short-run and long-run costs.

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  • Where we are now? The growth environment of early 2008 has changed to cost containment in 2009 Real Estate costs are often the second largest expense for Companies – typically behind labour In a contracting economy, an aggressive occupancy cost reduction plan can mean the difference between success and survival Following headcount reduction activities over the last 6 months, some corporate occupiers are carrying a significant amount of vacant space Market conditions have given rise to new opportunities for restructuring leases...

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  • CHAPTER 12 Relevant Costing After completing this chapter, you should be able to answer the following questions: What factors are relevant in making decisions and why? How do opportunity costs affect decision making?

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  • It is important to note that the requirements for sustainability condi- tions vary by subsection because they are inherently different. In par- ticular, these requirements to create sustainability may be more difficult to achieve in practice in water and sanitation, in drainage, and in the transportation subprojects than they are in building schools or clinics.

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  • This is the cost of raw materials and goods bought for resale which you used during this accounting period. Make sure you count creditors, that is items delivered to you but which you had not paid for at the end of the period. Do not count items you paid for in this period if they were included as creditors in your last accounts. You should include the value of stock you had on hand and uncompleted work in progress at the start of the period (this must be the closing figure which you used in your last accounts), but exclude the value of stock and work in progress...

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  • After studying this chapter you will be able to understand: Explain what makes information relevant to a particular business decision; discuss the relevance of opportunity costs, sunk costs, and out-of-pocket costs in making business decisions; use incremental analysis in common business decisions;...

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  • Chapter 1 - Managers, profits, and markets. After studying this chapter you will be able to: Explain the role of economic theory in managerial economics, contrast routine business practices (or tactics) with strategic decisions, list seven economic forces that influence the long-run profitability of firms, measure the explicit opportunity cost of using market-supplied resources to produce goods or services,...

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  • Chapter 9 - Incremental analysis. After studying this chapter, you should be able to: Identify the steps in management’s decision-making process, describe the concept of incremental analysis, identify the relevant costs in accepting an order at a special price, indicate the relevant costs in a make-or-buy decision,...

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  • After studying this chapter, you will know: Explain how to implement a competitive strategy by using Strengths-Weaknesses-Opportunities-Threats (SWOT) Analysis, explain how to implement a competitive strategy by focusing on the execution of goals, explain how to implement a competitive strategy using value-chain analysis.

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  • After reading this chapter, you should be able to answer the following questions: What are the meaning and application of the following “cost” terms: differential, allocated, sunk, and opportunity? How are costs determined to be relevant for short-run decisions? What is the special pricing decision when a firm is at full vs. idle capacity?...

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  • Chapter 1 - Managers, profits, and markets. After studying this chapter you will be able to: Explain the role of economic theory in managerial economics, contrast routine business practices (or tactics) with strategic decisions, list seven economic forces that influence the long-run profitability of firms, measure the explicit opportunity cost of using market-supplied resources to produce goods or services,...

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