How do you apply managerial decisions to production decisions?

Why do economists measure profit differently from accountants?

You have been hired as an HR consultant to help implement a high-performance work system at a large firm. To date, you have discussed the need for change with employees and explained strategy and the vision of the future. What should you do next? O Perform a process audit. O Allocate resources. Engage senior management. Tie the HPWS to performance. Use your knowledge of high-performance work systems to answer the following question. You have been hired as an HR consultant to monitor and evaluate a high-performance work system that has been in place for two years at a large firm. What are the best questions to include in your process audit? Check all that apply. Is the organization more competitive than in the past? What is the employee turnover rate? What is the overall satisfaction rate of employees? Are employees being treated fairly so that power differences are minimal?

A team is much more than a group of people brought together. What factors contribute to effective teams? How might you go about building a high performing innovation team using this information?

Evaluate the factors affecting firm behavior, such as production and costs

A student once said she 'didn't believe in sunk costs. She meant that the idea that 'some costs are sunk and shouldn't be accounted for in making decisions' didn't make sense and that all costs associated with a project were important. Do you think the concept of sunk costs is important to business decision-making? Why or why not?

How does fixed cost affect marginal cost? Why is this relationship important?

Question 8 page 28 Janet spends $20,000 per year on painting supplies and storage space. She recently received two job offers from a famous marketing firm- one offer were for $100,000 per year, and the other was for $90,000. However, she turned both jobs down to continue a painting career. If Janet sells 25 paintings per year at a price of $8,000 each: a. What are her accounting profits? Show your steps leading to your answer b. What are her economic profits? Show your work!

in your own personal life, what are some fixed and variable costs you have?

What are different types of costs involved in production of goods and services? Analyze the relationship between cost and productivity in the short run.