When Delegating Authority, Managers Should Keep All of the Following

question 200

Short Answer

When delegating authority, managers should keep all of the following points in mind except
deciding on the nature of the work to be done.
matching the job with the skills of subordinates.
checking up on subordinates frequently to ensure that they do not make mistakes.
making sure the person chosen understands the objectives he or she is supposed to achieve.
making sure subordinates have the time and training necessary to do the task.

Understand the relationship between product demand elasticity and labor demand elasticity.

Apply marginal product and marginal resource cost data to determine profit-maximizing resource combinations.

Comprehend the conditions for profit maximization and cost minimization.

Recognize the factors that influence the elasticity of resource demand.

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Definitions:

Regression Equation

An equation that describes the relationship between one dependent variable and one or more independent variables, often used to predict outcomes.

Regression Line

The line drawn based on values in a regression equation. Also known as a trend line.

Line Of Best Fit

The regression line that best fits the observed scores and minimizes the error in prediction.

Scatter Plot Line

Might refer to a trend line drawn through a scatter plot to show the direction of the relationship between two variables, although "Scatter Plot Line" is not a standard term.