ECO 561 Week 2 Discussion Questions
Complete the Economics for Managerial Decision Making: Cost and Revenue Curves simulation.
How might you apply the principles presented in the simulation more effectively in your future business decisions? How do these decisions relate to your business when you are dealing with different states’ cost structures?
What is opportunity cost? How can you maximize value in opportunity cost? Where is opportunity cost accounted on the general ledger?
What are sunk costs? Would sunk cost be considered prospective or retrospective costs?
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