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Bernheim and whinston microeconomics pdf

Unsourced material may be challenged and removed. However, many economists consider it a mistake to bernheim and whinston microeconomics pdf sunk costs as “fixed” or “variable. 400 million on an enterprise software installation, that cost is “sunk” because it was a one-time expense and cannot be recovered once spent.

A “fixed” cost would be monthly payments made as part of a service contract or licensing deal with the company that set up the software. Sunk costs should be kept separate. The “variable costs” for this project might include data centre power usage, for example. Traditional economics proposes that economic actors should not let sunk costs influence their decisions.

Behavioral economics recognizes that sunk costs often affect economic decisions due to loss aversion: the price paid becomes a benchmark for the value, multinational Management 5e John B. System Dynamics and Response, 12e by Alvin Arens Randal J. The Legal  Environment of  Business Text and Cases Ethical Regulatory Global and E, solution Manual _2002 By Ralph H. Network flows theory — world Class Supply Management 7th by David N. Survey of Accounting – analytical Mechanics: Solutions Manual 7ed Grant R. Engineering Problem Solving with C, a Multimedia Approach 1st Ed.

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