In an economic decision making, when the inputs and outputs are fixed, the criterion to use is minimize the input. True or False?

2 answers
Question:

In an economic decision making, when the inputs and outputs are fixed, the criterion to use is minimize the input.
True or False?

Answers

Answer:Correct answer is False for economic decision making, when the inputs and outputs are fixed, the criterion to use is minimize the input Since, both input and output are fixed, the input can’t be decreased. Each of them has to be fixed in directive to vary the association among them. (It can be fixed contribution, or fixed production or neither one of them is fixed)

Answer:False Explanation:Decision making in psychology is considered as a cognitive process that results in the selection of an idea or movement from another possible option. Whether or not every decision-making process results in a move, it is definitely a final choice. To define it, decision making is determining the alternatives according to the preferences and values of the decision maker and choosing among them.Choosing the appropriate criterion (or criterion) for choosing the appropriate alternative is an important step in making a decision. - If a problem involves constant input among possible alternatives, the appropriate general criterion is to maximize the result. For example, a company is considering buying a new office copy machine. If the two competing alternatives have the same value (fixed input), you can select a photographer with a higher output of the corresponding criteria. The criterion may be as simple as the speed of the machine (pages per minute) or a more sophisticated criterion that incorporates the speed of the machine with the presence of some complex features.  - İf a involves fixed output problem then the criteria is to minimize access to appropriately . For example, a company might consider installing a new elevator. Two alternate alternate load capacity, working speed and so on. If you have the same efficiency as measured, there will be a lower price (minimum entry) elevator installation. - If no inputs or outputs are identified fixed between the alternatives, the appropriate criterion is to increase the gain (output) or simply increase the profit. For example, one of the two competing production machines, and if the cost and output rates of the machines are different, the appropriate criterion is to choose a machine with higher profitability (machine-building benefits - costs).

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