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Suppose a new discovery in computer manufacturing has just made computer production cheaper.Also,the popularity and usefulness of computers continues to grow.Use Supply and Demand analysis to predict how these shocks will affect equilibrium price and quantity of computers.Is there enough information to determine if market prices will rise or fall? Why?
Contingent Decisions
Decisions made based on the specific conditions or circumstances prevailing at the time, rather than following a strict policy or guideline.
Decision Rules
Guidelines or criteria used to choose among alternatives in the decision-making process.
Conditions of Risk
Circumstances or factors that increase the probability of loss or danger in a given situation or environment.
Nonprogrammed Decisions
Decisions that are made in response to novel, unstructured, and infrequent problems that require a custom-tailored solution.
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