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Books > Business & Economics > Business & management > Management & management techniques > Management decision making
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Economic Decision Making Using Cost Data (Paperback)
Loot Price: R483
Discovery Miles 4 830
You Save: R40
(8%)
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Economic Decision Making Using Cost Data (Paperback)
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List price R523
Loot Price R483
Discovery Miles 4 830
You Save R40 (8%)
Expected to ship within 10 - 15 working days
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According to economic theory, production and costs follow patterns
that are common to many firms. In a world of perfect information,
managers could utilize this cost data to make production decisions
and set prices. In the real world, however, much of this
information remains unknown.Common accounting practices are
designed with record-keeping as the end goal rather than to present
an accurate assessment of opportunity cost. Many times, managers do
not recognize the difference between opportunity costs and
accounting costs and, instead, rely upon the readily available
accounting costs to make their decisions. This often leads to
suboptimal decisions. The purpose of this book is to present
production/cost theory, review various cost accounting methods and
demonstrate how they may distort production and pricing decisions
in light of the differences between accounting costs and economic
theory.
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