when we have mutually exclusive alternatives, we select all projects that are justified. a true b false
Answers
b) false. When we have mutually exclusive alternatives, we can only select one project out of the available options.
Therefore, we should only select the project that is the most justified based on our analysis and evaluation criteria. When we have mutually exclusive alternatives, it means that we have a set of projects that are competing for the same resources or budget. In such cases, we need to evaluate each project based on its expected benefits, costs, risks, and feasibility. Then, we should select the project that has the highest net present value or the highest benefit-cost ratio, or the lowest risk or cost. We should not select all projects that are justified, as it would result in overcommitment of resources and reduce the overall value of the portfolio. Therefore, we need to prioritize and select the best project based on objective and transparent criteria.
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Related Questions
show the vegetable market of nepal in pyramid
Answers
Due to massive increases in agriculture and production area over the last two decades, per capita vegetable consumption has increased to 105 kg from 60 kg. Nepal has reported 3,243,521 vegetable holdings. Vegetable crops are grown on a total of 232,295 hectares of cultivable land.
What is market?A market is a collection of systems, institutions, procedures, social relations, or infrastructures through which parties exchange goods and services. While parties can barter for goods and services, most markets rely on sellers offering their goods or services to buyers in exchange for money. The exchange of goods and services that occurs as a result of buyers and sellers coming into contact with one another, either directly or through mediating agents or institutions, is referred to as a market.A market is defined as the total number of buyers and sellers in the area or region under consideration. The area could be the entire planet, a country, a region, a state, or a city.To learn more about market, refer to:
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Which is a good rule to follow when sending business emails? (1 point)
Answers
Answer:
Avoid forwarding spam and unnecessary messages such as chain letters.
Explanation: did the test
The good rule that must follow at the time of sending business emails is to avoid forwarding spam and unwanted texts like chain letters.
What is email?An email, is also called as the electronic mail. It is one of the most extensively employed features of the Internet, that is mostly used in the formal business organizations.
It allows a person to transport and acquire messages from nay person in the globe that has an email account. Within the TCP/IP suite, email uses a variety of protocols.
When sending business emails, a good tip to follow is to avoid forwarding spam and undesirable texts like chain letters.
Therefore, the use of formal languages and proper formats made the emails more accurate.
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After a trade barrier is put in place, the market price will be_______
the quantity of the product available will be ______
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After a trade barrier is put in place, the market price will be higher and the quantity of the product available will be lower. This is because trade barriers, such as tariffs and quotas, restrict the amount of foreign goods that can enter a country. This leads to a decrease in supply, which in turn causes prices to increase and the quantity of goods available to decrease.
Which of the following agreement is presumed to have an intention to create legal relations? A. An agreement made by a dealer to give a laptop to his customer. B. An agreement made between husband and wife. C. An agreement made by a contractor to repair the house owner's dwelling for RM4000. D. An agreement made by Ali with Mansor to buy him a car costing $150000. 14. What do you call a person who made acceptance to an offer? A. An offeror. B. A promisor. C. An offeree. D. None of the above. A contract without the element of consideration is void. Though it is necessary it: A. Must be adequate. B. Needs not be sufficient. C. Needs not be adequate. D. Must be adequate though not sufficient.
Answers
The agreement presumed to have an intention to create legal relations is C. An agreement made by a contractor to repair the house owner's dwelling for RM4000. The person who made acceptance to an offer is C. An offeree. A contract without the element of consideration is void. Though it is necessary, it: C. Needs not be adequate.
Which agreement is presumed to have an intention to create legal relations?The agreement presumed to have an intention to create legal relations is C. An agreement made by a contractor to repair the house owner's dwelling for RM4000.
Generally, agreements made in the course of business or commercial transactions are presumed to have an intention to create legal relations.
In this case, the agreement between the contractor and the house owner for the repair of the dwelling involves a commercial transaction and is likely to be intended to be legally binding.
The contractor is providing a service in exchange for payment, indicating an intention to create a legal relationship.
The person who made acceptance to an offer is C. An offeree.
In the context of contract law, the offeree is the person to whom an offer is made, and they have the option to accept or reject the offer. Once the offeree accepts the offer, it forms a binding contract between the parties.
A contract without the element of consideration is void. Though it is necessary, it: C. Needs not be adequate.
Consideration refers to something of value exchanged between the parties to a contract. It is a crucial element of a valid contract.
While consideration must exist for a contract to be enforceable, it does not necessarily need to be of adequate or equal value. As long as there is some form of consideration, even if it is minimal, the contract is not void on the basis of lack of consideration.
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Find the future values of the following ordinary annuities. a. FV of $400 each 6 months for 4 years at a nominal rate of 16%, compounded semiannually. Do not round intermediate calculations. Round your answer to the nearest cent. 5 b. FV of $200 each 3 months for 4 years at a nominal rate of 16%, compounded quarterly. Do not round intermediate calculations. Round your answer to the nearest cent. 5 c. The annuities described in parts a and b have the same amount of money paid into them during the 4 -year period, and both eam interest at the same nominal rate, yet the annuity in part b earns more than the one in part a over the 4 years. Why does this occur?
Answers
The future value of an ordinary annuity refers to the total value that will be accumulated at the end of a specified period by making regular, equal payments (annuity payments) at a fixed interest rate
a. To find the future value of the annuity, we can use the formula:
FV = P * [(1 + r/n)^(n*t) - 1] / (r/n)
Where:
P = Payment amount per period ($400)
r = Nominal interest rate per period (16% or 0.16)
n = Number of compounding periods per year (2 for semiannual compounding)
t = Number of years (4)
Plugging in the values:
FV = $400 * [(1 + 0.16/2)^(2*4) - 1] / (0.16/2)
Calculating the expression inside the brackets first:
(1 + 0.08)^(8) = 2.1449
Now, plugging in this value:
FV = $400 * (2.1449 - 1) / 0.08
FV ≈ $9,780.00
b. Similarly, using the same formula with different values:
FV = $200 * [(1 + 0.16/4)^(4*4) - 1] / (0.16/4)
Calculating the expression inside the brackets first:
(1 + 0.04)^(16) = 2.208
Now, plugging in this value:
FV = $200 * (2.208 - 1) / 0.04
FV ≈ $10,040.00
c. The annuity in part b earns more than the one in part a over the 4 years because it is compounded more frequently (quarterly) compared to the annuity in part a (semiannually). Compounding more frequently increases the effective interest rate, which results in a higher future value for the same payment amount and nominal interest rate. Therefore, the annuity in part b accumulates more interest and has a higher future value.
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Why is having a long credit history with a few blemishes that were corrected better than a short history that is clear?
No plagiarizing, please, thank you!
Answers
Answer:
Lenders don't like risk because it can lose them money, so they're cautious on who they're lending to. They do this by checking people's credit history. They prefer people who have longer credit history even with a few blemishes that are corrected rather than lending to people who have a short clear history mainly because they have little to no experience and can be unpredictable what they may do.
Explanation:
an effective price floor in the market for good x will create ________ in that market.
Answers
An effective price floor in the market for good X will create a surplus in that market.
Any location where two or more people can come together to conduct an economic transaction, even one that doesn't require legal cash, is referred to as a market. A market transaction can entail the transfer of commodities, services, information, money, or any number of these to another party.
By trading shares of stock, the stock market assists businesses in raising money to support their operations and builds and maintains wealth for the investors themselves. Companies offer ownership holdings to investors in order to raise capital on the stock market.
This is because the effective price floor sets a minimum price above the equilibrium price, leading to a higher quantity supplied than the quantity demanded.
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journal
March 01 March 03 March 09 March 15 March 27 Debit balance of Binod account Rs.25,000. Sold goods to Binod Rs.20,000. Sold goods for cash Rs. 10,000. Cheque received f
Answers
Journal entries of the given transactions are as follows.
Debit balance of Binod account Rs.25,000.Binod A/C.......Dr 25000
To cash A/C 25000
Sold goods to Binod Rs.20,000.Binod A/C.......Dr 20000
To Sales A/C 20000
Sold goods for cash Rs. 10,000.cash A/C.......Dr 10000
To Sales A/C 10000
A journal entry is the act of recording any transaction, whether one that is economic or not. An accounting diary that displays the debit and credit balances of a corporation lists transactions. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
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Tara was shopping for a new pair of shoes for work. The salesperson was very helpful and friendly, bringing Tara some styles she hadn't thought to try on but that she ended up really liking. Noticing Tara's University of Wisconsin tee-shirt, the salesperson said that she was a student there. Tara ended up buying three pairs of shoes rather than the one pair she had planned on. Tara's experience shows the effect of ________ on consumer behavior.
Answers
Answer:
salespeople
Explanation:
In the context, Tara wishes to buy new shoes for her work. She went to shoe shop and try out different shoes. The salesperson is helping her a lot in finding out her new pair of shoes and is also showing Tara some of the latest designs that are available in the shop.
The salesperson is polite and helpful to her. Tara found out that the salesperson also belonged to the same university where Tara studied. And she ended up in buying three pair of shoes instead of one. This shows the effect of the salesperson on the consumer behavior of Tara.
T/F: The process of hiring another organization to perform a service is known as outsourcing.
Answers
True. The process of hiring another organization to perform a service is known as outsourcing.
The process of hiring another organization to perform a service is known as outsourcing. Organizations may outsource services for a variety of reasons, including cost savings, access to specialized expertise, or to free up internal resources to focus on core business functions.
Outsourcing can take many forms, from outsourcing a single business process to a third-party provider, to outsourcing entire functions or departments to an offshore location. Common examples of outsourced services include IT support, accounting and finance, human resources, and customer service.
One potential downside to outsourcing is the loss of direct control over the service being provided, which can lead to issues with quality, communication, or cultural differences. However, outsourcing can also provide significant benefits in terms of cost savings, scalability, and access to specialized expertise.
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what is one of the effects that the internet has had on bussiness?
Answers
If anyone can please help asap
Answers
Answer:
1. Negative externality: Jeff declined to buy his favorite chocolate bar because the price has increased.
2. Dollar vote: increased neighborhood crime is caused by a pawn shop.
3. Public goods: a freeway is available for all to use.
4. Positive externality: public education in the United States results in benefits for others around the world.
Explanation:
1. Negative externality: Jeff declined to buy his favorite chocolate bar because the price has increased. A negative externality arises when the production or consumption of a finished product or service has negative impact (cost) on a third party.
2. Dollar vote: increased neighborhood crime is caused by a pawn shop. A dollar vote describes how the consumer's purchasing power influences the type (quantity) of goods to be produced and supplied to the market.
3. Public goods: a freeway is available for all to use. It refers to any goods that is accessible and available to the general public at all times without an additional fee, charges or cost.
4. Positive externality: public education in the United States results in benefits for others around the world. A positive externality arises when the production or consumption of a finished product or service has a significant impact or benefits to a third party that isn't directly involved in the transaction.
the rate of change is how fast the data is changing.
True
False
Answers
Answer:
true
Explanation:
i got it right edg 2020
Pineapple whip, a company that makes an ice cream-like treat using pineapple, sells its branding, production techniques, and proprietary flavors to other companies for a fee and a share of the profits. Pineapple whip is engaged in.
Answers
In this context, the Pineapple whip is engaged in a business arrangement called Franchising.
What is Franchising?Franchising is a business arrangement where the franchisor (one party) grants some rights and authorities to the franchisee.
In this case, the franchisee will pays a fee to the franchisor because he is using the business's success, trademarks, proprietary knowledge etc.
In conclusion, the Pineapple whip is engaged in a business arrangement called Franchising.
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strategic planning can help encourage new ideas by stressing the importance of in achieving long-range success. multiple choice question. innovation blinders rigidity competition
Answers
Strategic planning can help encourage new ideas by stressing the importance of innovation in achieving long-range success.
What is innovation?
Innovation is the application of ideas in a real-world setting that leads to the creation of new products or services or to an improvement in the provision of existing ones. Innovation is "a new or altered entity generating or dispersing value," according to ISO TC 279, who wrote the standard ISO 56000:2020. Others have various definitions, but they all place an emphasis on the novelty, development, and dissemination of concepts or technology.
Creating more efficient versions of existing goods, procedures, services, technology, works of art, or business models and making them available to consumers, governments, and society as a whole is a common way that innovation happens. Innovation and invention are closely connected, but they are not the same thing. Innovation is more likely to entail the practical application of an invention (i.e., new or better capacity to have a significant influence in a market or society), and not all innovations need for a new invention.
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strategic planning can help encourage new ideas by stressing the importance of in achieving long-range success. multiple choice question. innovation blinders rigidity competition
Note that common activities are listed toward the top, and less common activities are listed toward the bottom. According to O*NET, what common work activities are performed by Web Developers? Check all that apply.
handling and moving objects
thinking creatively
getting information
performing general physical activities
interacting with computers
updating and using relevant knowledge
Answers
According to O*NET, the common work activities performed by Web Developers are:
Interacting with computersGetting informationUpdating and using relevant knowledgeThinking creativelyWhat activities do web developers engage in ?Web developers are responsible for utilizing numerous software tools and programming languages to establish and manage websites and web applications. Utilizing computers, they desgin graphics, write code, and vigorously test the efficiency of these online systems.
For a web developer to properly comprehend their clients' or users' expectations, they gather information through surveys with target audiences, assessing analytics data, and exploring various resources. In this way, they yield insights into how they can best accommodate their projects.
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How a business handles money is called _____ risk.
Answers
What do human relations skills include?
Answers
Human relations skills refer to the ability to interact effectively with other people in a variety of settings, including personal and professional situations. These skills are critical for building and maintaining positive relationships, resolving conflicts, and achieving goals.
Some key components of human relations skills:Communication: This includes the ability to listen actively, express oneself clearly, and convey messages effectively using a variety of mediums, such as spoken and written language, body language, and tone of voice.
Empathy: This involves the ability to understand and relate to others' emotions and perspectives, as well as to show compassion and concern for their needs and feelings.
Conflict resolution: This involves the ability to identify and address disagreements or issues in a constructive and respectful manner, finding common ground and solutions that work for all parties involved.
Teamwork: This involves the ability to work collaboratively with others, build consensus, and contribute to a shared goal.
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The financial markets allocate capital to corporations by? A) reflecting expectations of the market participants in the prices of the B) requiring higher returns from companies with lower risk than their ce their competitors. C) rewarding companies with expected high returns with lower relative D) relying on the opinion of investment bankers, gh returns with lower relative stock prices.
Answers
Option A is correct. By reflecting participant expectations in the price of the company's shares, the financial markets allocate money to enterprises.
What types of financial marketplaces are there?
A financial market is any location where trading in securities takes place. This includes, among others, the stock market, bond market, currency market, and derivatives market. Capitalist economies require financial markets to function properly.
How do the financial markets operate?Companies and individuals can reach a financial market agreement to buy or sell specific goods like stocks, bonds, or futures contracts. Both buyers and sellers want to make the most for their money when making a purchase.
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Cain Company reports net cash provided by operating activities of $35,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).
Answers
It can be seen from the solutions given that Cain's net income is $24,000.
Here is the solution:Net income = Net cash provided by operating activities - Adjustments
= $35,000 - $6,000 - $10,000 + $4,000 + $7,000 + $4,000
= $24,000
Therefore, Cain's net income is $24,000.
Here is a breakdown of the adjustments:
To determine cash flow from operations, it is necessary to include the gain on equipment sales in the net income as it is a non-cash entry.
A rise in accounts receivable implies that customers are prolonging payment of their invoices, resulting in decreased cash flow from the company's activities.
The depreciation expense is classified as a non-cash expense, hence it must be included in the calculation of cash from operations by adding it back to the net income.
A decrease in inventory indicates that the company is experiencing faster turnover of its inventory, leading to increased cash flow generated by its operations.
A rise in prepaid expenses denotes that the company is channeling more funds towards prepaid expenditures like insurance and rent, implying a reduced cash inflow from its operational activities.
A decline in the amount of wages that the company owes indicates that it is not promptly compensating its workforce. Consequently, this implies that the company's operational cash flow is reduced.
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Explain how savers would respond if the interest rate on savings accounts increased. Would they increase or decrease their amount of savings? What about borrowers? Would they increase or decrease their amount of borrowing if the interest rate on loans increased? Explain why.
Answers
Answer:
1. Savers increase their savings as interest rate increases
2. Borrowers decrease their borrowing as interest rate on loans increases
Explanation:
1.
Interest rates are a great determinant of what those who save money get on their deposits. When interest rate increases, people tend to save more so as to earn more interest on their deposits. So it encourages savings. Therefore as interest rate increases savers would increase their amount of savings.
2.
For borrowers, more interest rate on loan amount discourages borrowing. More interest rate means that they would have to pay back more money on the loan amount they borrowed. This implies a rise in the cost of borrowing. So the borrower decreases the amount of borrowing if interest rate on loan increases.
What is interest rate?
Interest rate is an amount charged by a lender to a borrower for any form of debt given, generally expressed as a percentage of the principal.
Interest rate to savers
Higher interest rate encourages savings. When interest rate increases, people tend to save more so as to earn more interest on their deposits.
The above means that savers will increase their amount in savings if the interest rate on savings accounts increases.
Interest rate to borrowers
Higher interest rate discourages lenders from borrowing more. More interest rate means that they would have to pay back more money on the loan amount they borrowed.
It therefore means that borrowers will decrease the amounts of borrowing if the interest rate on loans increases.
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when setting up a product/service item in quick books which box do I check to assign a preferred vendor
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Assume that the AD curve of the economy is given by Y=15?100?+m? Where m? is a demand shock (animal spirits, government spending, or money supply). The AS curve is given by ?=E?+1 (Y-Y?) +v? 50 where v? is a supply shock (oil price, productivity). The variable ?is the inflation rate, E? is expected inflation rate, Y is output, and Y? is long-run output. For numerical values, Y? =10, m? =v? = 0 Answer each equation using both graphs and math. a. Plot the above AD-AS curves on the (Y,?) diagram. Describe the slopes of both the AD curve and the AS curve. b. If the economy is currently at its long-run trend, what should be the equilibrium output? What is the equilibrium inflation rate in this economy? What should be the equilibrium expected inflation rate in this economy? C Assume that expected inflation rate is constant at 5 percent. What happens when the oil price increases by 5 percent (v?=0.05)? What is the equilibrium level of output? What is the equilibrium level of inflation? d. Assume that expected inflation rate is constant at 5 percent. What happens for 2 periods when money supply increases by 1 (m?=1)? (today and 1 period ahead) What is the equilibrium level of output today and 1 period ahead? What is the equilibrium level of inflation today and 1 period ahead? ?–1 e. Now, assume that expectations are adaptive. That is, E? =?–1 where ?–1 is inflation in the previous period. Starting from the long-run trend, what happens for 2 periods when money supply permanently increases by 1 (m?=1)? (today and 1 period ahead) What is the equilibrium level of output today and 1 period ahead? What is the equilibrium level of inflation today and 1 period ahead? f. Assume instead that expectations are rational. That is, the agents solve the above AD-AS model and expect inflation to be E? = 0.05 + m? +v? 100 2
Answers
This question is related to the AD-AS model in macroeconomics. The AD curve is given as Y = 1500 + m, where Y is the output, and m is the demand shock. The AS curve is given as π = Eπ + 1 (Y-10) + v, where π is the inflation rate, Eπ is the expected inflation rate, Y is the output, and v is the supply shock.
The AD-AS curves are plotted on the (Y,π) diagram. The AD curve has a negative slope, which indicates that as the demand shock (m) increases, the equilibrium output (Y) increases, while the inflation rate also increases. The AS curve has a positive slope, which indicates that as the supply shock (v) increases, the equilibrium output (Y) decreases, while the inflation rate increases.b. At the long-run trend, the equilibrium output is 10, and the equilibrium inflation rate and expected inflation rate are both 5%.c. When the oil price increases by 5% (v = 0.05), the equilibrium level of output decreases, and the equilibrium level of inflation increases. The equilibrium level of output is below Y = 10, while the equilibrium level of inflation is above 5%.d. When the money supply increases by 1 (m = 1) for two periods, the equilibrium level of output increases, and the equilibrium level of inflation also increases. The equilibrium level of output is above Y = 10 for both periods, while the equilibrium level of inflation is above 5% for both periods.e. When the money supply permanently increases by 1 (m = 1) with adaptive expectations, the equilibrium level of output increases, and the equilibrium level of inflation also increases for two periods. The equilibrium level of output is above Y = 10 for both periods, while the equilibrium level of inflation is above 5% for both periods.f. Assuming rational expectations, the agents expect inflation to be 0.05 + m + v, and the equilibrium level of output and inflation increase when the money supply increases.To learn more about equilibrium inflation rate, here
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Which of the following behaviors is likely to be considered unethical?
A) a manager hires a friend rather than a more qualified applicant
B) a manager underpays an employee, knowing that the employee can't afford to quit
C) company executives encourage employees to invest in company stock while withholding information about financial problems
D) an employee accepts a gift from a supplier in return for a large order
E) all of the above
Answers
Answer:
E) all of the above
Explanation:
Unethical behavior is engaging in activities that are considered wrong or improper in society. It entails indulging in behavior that goes against the expected code of conduct in a profession or the workplace. In short, unethical behavior is not doing the right thing.
In the list provided, none of the behaviors is correct or acceptable in the workplace. They are all unethical.
If sellers do not adjust their quantity supplied at all in response to a change in price, the price elasticity of supply is:__________
Answers
The supply curve is vertical and the price elasticity of supply is zero if sellers do not alter their quantity supplied at all in response to a change in price.
A good or service's responsiveness to supply after a change in its market price is measured by its price elasticity of supply. Basic economic theory states that when a good's price grows, so will its supply. A good's supply will fall when its price rises, on the other hand. Price elasticity of demand is another factor. This gauges how quickly a price change affects the quantity demanded. In general, price elasticity quantifies how much a given change in price affects a product's supply or demand.
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what day is it i completly forgot what day is it
Answers
Answer:
I THINK IT IS SATURDAY OR MONDAY
Explanation:
SORRY IF IM WRONG
Answer:
It is Sunday the 3rd of January
Explanation:
1:38 PM in the uk
Sunday, 3 January 2021
A customer purchases two chairs at $249.99 each and would like them to be delivered. Your company charges $60 for delivery, and the state imposes a 6% sales tax on furniture, but not on the delivery charge. What is the total amount due from the customer?
Answers
Answer:
$589.98
Explanation:
Total amount due = costs of the two chairs+ tax + delivery charges
cost of the two chairs = $249.99 x 2 = $499.98
+
tax = $499.98 x 0.06 = $29.99
+
delivery = 60
= $589.98
Besides the full scale, the number of basic scales used in dimensioning plans and drawings is _______.
Answers
Answer:
10.
Explanation:
In Engineering, it is a standard and common practice to use drawings and models in the design and development of buildings, tools or systems that are being used for proffering solutions to specific problems in different fields such as banks, medicine, telecommunications and industries.
Hence, an architect or design engineer make use of drawings such as pictorial drawings, sketches, or architectural (technical) drawing to communicate ideas about a plan (design) to others, record and retain informations (ideas) so that they're not forgotten and analyze how different components of a plan (design) work together.
Architectural drawing is mainly implemented with computer-aided design (CAD) software and it's typically used in plans and blueprints that illustrates how to construct a building or an object.
Besides the full scale, the number of basic scales used in dimensioning plans and drawings is 10.
How does a performance management system with employee participation in this case meet the 5 conditions of "validity, specific, reliability, acceptable, strategic congruence"?
Answers
A performance management system with employee participation can meet the 5 conditions of "validity, specificity, reliability, acceptability, and strategic congruence" as follows:
Validity: A performance management system that involves employee participation can be considered valid if it measures what it is intended to measure. By involving employees in the process, organizations can ensure that performance measures are aligned with job responsibilities and expectations, and that employees have a clear understanding of what is expected from them.
Specificity: Employee participation in the performance management system can help ensure that performance goals and objectives are specific and measurable. Employees can provide input on what specific actions or behaviors should be measured, and managers can provide clear guidance on what constitutes acceptable performance.
Reliability: The participation of employees in the design and implementation of the performance management system can also increase its reliability. By involving a diverse group of stakeholders, organizations can ensure that the system is fair and consistent, and that measurement criteria are applied consistently across different individuals and departments.
Acceptability: Employee participation in the performance management system can increase acceptability by ensuring that employees understand why certain metrics are being measured and how their performance contributes to the overall success of the organization. This can help foster a sense of ownership and commitment to the process.
Strategic congruence: Finally, employee participation can help ensure that the performance management system is aligned with the overall goals and objectives of the organization. With employee input, organizations can develop performance metrics that align with the broader strategic vision of the company, and ensure that individual performance goals contribute to the achievement of these larger goals.
In summary, involving employees in the performance management process can lead to greater validity, specificity, reliability, acceptability, and strategic congruence in the system. By taking a collaborative approach, organizations can create a performance management system that is fair, effective, and aligned with the goals of both employees and the organization as a whole.
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A lawyer can argue a case in court for one hour and make $300. She could alternatively use that hour of time to type a legal brief in her office. What is the opportunity cost of her typing the legal brief?.
Answers
$300, since that's the amount she could have made by arguing a case in court is the is the opportunity cost of her typing the legal brief.
What is opportunity cost and example?
The opportunity cost is time spent studying and that money to spend on something else. A farmer chooses to plant wheat; the chance cost is planting a different crop, or an alternate use of the resources (land and farm equipment).
What is opportunity cost known as?
Opportunity cost is commonly defined as the next best alternative. Also, referred to as the alternative cost, it's the loss of gain which could have been gained if another alternative was chosen. It also can be explained as the loss of benefit due to a change in choice.
Why is cost important?
The concept of cost helps us to choose the best possible option among all the available options. It helps us use every possible resource tactfully and efficiently and hence, maximize economic profits.
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