Unit II Essay.docx (3) MBAV 6053 Factors involved in the decision Columbia Souther

Unit  II  Essay.docx (3)     MBAV 6053  Factors involved in the decision  Columbia Southern University MBAV 6053 Economics for Managers   Abstract  This article is dicussing issues that the managers often encounter when they manage the organization. Elastic in demand, sunk cost, opportunity cost, deontology and consequentialism are important factors effect to decision. Before making a decision, the manager needs to distinguish with factors they need to be consider or they need to be ignored. Knowing these principles will help managers make better choices. Resources are limited and the managers will need to know the trade-off for one thing better. Identify opportunity cost for wise decisions and help managers avoid sunk cost trap. Understanding the elasticity of demand helps the managers grasp the reality of the market. The example figures in this article will illustrate in detail so that we can have a clearer vie