Graduate Response

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Cornell University *

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3220

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Economics

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Nov 24, 2024

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Graduate Response Opportunity Costs Decision My school administration has decided to allocate a significant portion of the school budget to purchase new Mandarin language learning software for the students. This software is more advanced and interactive, offering an engaging learning experience. Opportunity Costs In this scenario, the opportunity cost that should have been considered is the allocation of the budget for this software instead of other possible uses of that budget. For instance, the school could have used those funds for hiring an additional Mandarin teacher, investing in educational materials, or improving the overall school infrastructure. (Froeb & McCann, 2017) Reason for the Decision The school administration made this decision with the intention of enhancing the students' Mandarin learning experience. They believed that the new software would make the language learning process more engaging and effective and allow the students to better retain that knowledge. They may have seen it as a way to meet the growing demand for a foreign language, in this case, Mandarin language education in the curriculum. What Should Have Been Done

To make a more informed decision, the school should have conducted a cost-benefit analysis. This analysis would involve comparing the benefits of the new software (such as improved learning outcomes and student engagement) with the opportunity costs (such as missing out on other valuable investments). This process would be more cost-effective and efficient. Schools, at times, must make business decisions based on cost-benefit analysis. (Froeb & McCann, 2017) Profit Consequences In an educational context, "profit" can be translated as improved educational outcomes. To compute the profit consequences of the change, the school should assess whether the investment in new software actually leads to improved Mandarin language proficiency among the students, as well as long-term retention. They could track metrics such as increased student engagement, test scores, and overall proficiency. If the software results in significantly better outcomes, then the decision can be considered a success. However, if the software does not yield the expected benefits, the opportunity cost of not allocating the budget to other educational enhancements should be given significant consideration. Ultimately, the decision should be based on what provides the best educational value for the students, considering both the direct benefits of the new software and the potential benefits that could be gained from alternative uses of the budget. (Froeb & McCann, 2017)

References Froeb, L. M., & McCann, B. T. (2017). Managerial Economics (5th ed.). Cengage Limited. https://reader2.yuzu.com/books/9781337681599

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