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The reason why the father wished to close down the branch was that it appeared to be making a loss. However, it is quite the reverse; if the branch was closed then, the positive contribution from the branch would be lost and overall profits would fall.
This is because the indirect costs of production do not vary with output and, therefore, closure of a section of the firm would not lead to immediate savings.
This may mean that closing the branch would be a mistake on financial grounds. This mistake is made due to a misunderstanding of nature of cost behavior. If the branch is closed then the only costs that would be saved are the costs directly related to the running of the branch: The costs are indirect in nature, in this example the marketing and central administration costs, would still have to be paid as they are unaffected by output.
For this decision to be made, we should use contribution as a guide for deciding whether or not to close a branch.
This can also be applied to the production of certain product lines, or the cost effectiveness of departments. On financial grounds, contribution is therefore, a better guide in making decisions.Classroom Games for Teaching Economics Free, Ready to play, Nothing to install, No need to register!
Students play online on their phones, tablets or laptops. The Operations & Technology Management subject group studies the design and management of value-enhancing systems & processes to improve decision-making.
1 I: ashio-midori.com Programme Structure AFFILIATION The programme shall be governed by the Department of Commerce, Faculty of Commerce and Business, University of Delhi. Topics in Microeconomics: Industrial Organization, Auctions, and Incentives: Economics Books @ ashio-midori.com Find essays and research papers on Economics at ashio-midori.com We've helped millions of students since Join the world's largest study community.
This paper is a survey of applied work with auction data. First, we summarize the pre-game theoretic competitive bidding literature based on decision theory and the associated empirical work, centered essentially around the winner's curse debate.