Think of an example in your personal life where the concept of opportunity cost plays (or should play) an important role in your decision making. What are the opportunity costs and benefits of your decision?
Now, imagine you are a manager for a small business or firm (you decide the type of business). You have an extra $5,000 in the budget to spend. How do you decide how to spend this money? How do you use the concept of opportunity cost to make this decision? In your initial post, note any marginal costs that may be involved in your decisions. Additionally, provide an appropriate subject bar that captures our interest and gives us an idea as to each post is about.
Now, imagine you are a manager for a small business or firm (you decide the type of business). You have an extra $5,000 in the budget to spend. How do you decide how to spend this money? How do you use the concept of opportunity cost to make this decision? In your initial post, note any marginal costs that may be involved in your decisions. Additionally, provide an appropriate subject bar that captures our interest and gives us an idea as to each post is about.
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