Economic decision making using cost data: a manager's guide

1. What does economics have to do with running a business? -- 2. What matters and what doesn't: relevant revenues and costs -- 3. Determining relevant revenues: understanding the buyer -- 4. What your cost accountant can't measure: the economic theory of production and cost -- 5. How accou...

Ausführliche Beschreibung

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Bibliographische Detailangaben
Hauptverfasser: Marburger, Daniel R. (VerfasserIn), Peterson, Ryan (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: New York, New York (222 East 46th Street, New York, NY 10017) Business Expert Press 2013
Ausgabe:First edition
Schriftenreihe:Economics collection
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Zusammenfassung:1. What does economics have to do with running a business? -- 2. What matters and what doesn't: relevant revenues and costs -- 3. Determining relevant revenues: understanding the buyer -- 4. What your cost accountant can't measure: the economic theory of production and cost -- 5. How accountants measure opportunity -- 6. Are you a better decision maker yet? -- Appendix I. Advantages and disadvantages of various cost accounting methods -- Appendix II. Relevant published case studies -- Notes -- References -- Index
A firm maximizes profits if each decision adds more to the firm's revenue than to its costs. Although the concept sounds rather simple, it is difficult to do in practice. Economic theory helps the decision-maker to accurately infer changes in revenues that may be associated with a decision. Similarly, economic theory suggests that the costs reported by accountants rarely reflect the true cost associated with the decision. The purpose of this book is to help managers understand how to assess the changes in revenues and costs. Demand and price sensitivity analysis allow managers to infer revenue changes. This book also reconciles the economic theory of cost with common accounting practices so the differences can be reconciled and better decisions can be made
Beschreibung:Part of: 2013 digital library
Includes bibliographical references (pages 117-118) and index
Beschreibung:Online-Ressource (xiv, 121 pages)
ISBN:9781606495131