Description:
Answer one of the following.
1. Discuss the importance of cost analysis in managerial/production decisions? What are the major costs that are factored in decision making? How do firms figure out what combination of inputs to use? Why is time horizon (short run vs long run) relevant in analysis? Provide examples.
2. Why is it important to understand the market structure within which your Firm exist? Explain briefly the difference between major market structures (Perfectly competitive vs monopoly)? Give examples of companies. How is pricing and output decisions made. What advice will you give to your manager?
Comment also on the posts of others.and 2 references
