Do theoretical cost functions have relevance in business decision making? After studying the theory presented in the reading in short and long term cost theory,
Do theoretical cost functions have relevance in business decision making?
After studying the theory presented in the reading in short and long term cost theory, address your opinion to the question raised.
Write a 2-3 page opinion piece that includes a synopsis of a research paper. (see outline below) Do you think there is enough information to support the notion that business decision makers do not use cost theory in making decisions related to production, factors of production and cost.
Outline of the Research Question Deliverable 1. Introduction on the purpose of the research question. 2. State the research question and the apparent disconnect between theory and business decision making in that area 3. Define those relevant key terms based in cost theory 4. How could'the cost theories presumably and theoretically assist decision makers in choosing the correct production inputs and costs in order to maximize profit? 5. Select one research article from Business Source Complete as background in establishing your answer to the research question. 6. Briefly summarize what the research author says about theory and application; how does that author assess the application? Feel free to use bullets or summary statements in addition to brief narrative 7. Do you believe that business uses economic cost theory in full, in part, or not at all? State at least two examples to support your opinion. Based on your answer 8. Would you propose an ongoing data gathering project to collect costs and capacity? Is it worth it to do so? 9. What further information might you explore (bullet point) to substantiate and expand further research into the question? 10. Conclude 11. What did you learn by doing this assignment Outline of the Research Question Deliverable 1. Introduction on the purpose of the research question. 2. State the research question and the apparent disconnect between theory and business decision making in that area 3. Define those relevant key terms based in cost theory 4. How could'the cost theories presumably and theoretically assist decision makers in choosing the correct production inputs and costs in order to maximize profit? 5. Select one research article from Business Source Complete as background in establishing your answer to the research question. 6. Briefly summarize what the research author says about theory and application; how does that author assess the application? Feel free to use bullets or summary statements in addition to brief narrative 7. Do you believe that business uses economic cost theory in full, in part, or not at all? State at least two examples to support your opinion. Based on your answer 8. Would you propose an ongoing data gathering project to collect costs and capacity? Is it worth it to do so? 9. What further information might you explore (bullet point) to substantiate and expand further research into the question? 10. Conclude 11. What did you learn by doing this assignment
