Short-term Decision-making

  • Ruth A. Schmidt
  • Helen Wright
Chapter

Abstract

When you have worked through this chapter you should be able to
  • Explain and illustrate by giving an example the difference between the long-term and short-term aspects of decision-making

  • Give three examples of typical short-term decisions

  • Define the term MARGINAL COST

  • Explain what is meant by the relevant range

  • Explain what is meant by an incremental volume

  • Define the term differential cost

  • Define the term SUNK COST

  • Define the term common cost

  • Define the term opportunity cost

  • In the context of an example, identify the costs which are relevant in making a short-term decision

Keywords

Income Marketing Expense Product Line Decid 

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Copyright information

© Ruth A. Schmidt and Helen Wright 1996

Authors and Affiliations

  • Ruth A. Schmidt
  • Helen Wright

There are no affiliations available

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