As a Manager, How Would You Determine the Standard Price

question 87

Essay

As a manager, how would you determine the standard price and quantity of materials, labor, and overhead for a particular product?

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Definitions:

Policy Makers

Individuals or groups responsible for making decisions that affect the economy, society, or governance.

Normative Economics

A branch of economics that expresses value judgments about economic fairness or what the economy ought to be like.

Positive Economics

An approach to economics that seeks to understand and explain the economy as it is, based on factual observations without making normative judgments.

Normative Statements

Opinions or judgments that reflect beliefs about what ought to be rather than statements that can be tested or verified.