Explain importance of opportunity costs to decision-making

Reference no: EM133465846

Assignment: Business Finance- Economics

Unit I introduced the benefits of markets to improving outcomes for producers and consumers. Unit II examined the role of costs and prices in decision-making. For this assignment, you will answer a series of questions in the form of an assignment. Support your answers with research from at least three peer-reviewed journal articles using the CSU Online Library (or other sources).

A. Research elasticity information for two particular goods: one with an elastic demand and one with an inelastic demand. Using elasticity information you gather, predict changes in demand. The United States Department of Agriculture website has a good resource to help with this.

B. Describe how marginal analysis, by avoiding sunk costs, leads to better pricing decisions.

C. Explain the importance of opportunity costs to decision-making and how opportunity costs lead to trade.

D. Evaluate how better business decisions can benefit not just the producer but the consumer and society as a whole. In your evaluation, contrast the deontology and consequentialism approaches to ethics.

Reference no: EM133465846

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