The discussion comprehensively covers the various concepts associated with managerial economics

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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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The discussion comprehensively covers the various concepts associated with managerial economics, ranging from one lesson on the business benefits, costs, and decisions. From the discussion, it is clear that the company must decide on expanding the new market while effectively scrutinizing the various considerations. It is vital to ensure a vital cost-benefit analysis to effectively identify the immediate gains from the market and all long-term potential benefits (Froeb et al., 2017). The other coverage includes the marginal revenue and marginal cost marginal benefits within the business operation when allocating the various resources. The government also plays a close role in the daily activities of every business. What specific roles do you need the government to execute in the day-to-day business operations? During my tenure as an IoT Product Manager at Walmart, a critical decision involving significant opportunity costs arose when we were considering the adoption of a new automated inventory management system for our perishable goods section. Our team, driven by the desire to streamline operations and reduce manual errors, made the decision to implement this system, considering the potential short-term gains in efficiency and error reduction (Coupe, 2023). However, what we failed to thoroughly consider were the broader implications of the system's integration costs and the potential customer experience impact during the transition phase (McKinsey & Company, 2022). The profit consequences of this decision were significant, with an initial decrease in revenue due to dissatisfied customers and operational inefficiencies. Although the automated system eventually improved inventory management accuracy and reduced long-term labor costs, the short-term negative impact on customer loyalty and satisfaction resulted in a noticeable decline in overall profitability during the implementation phase (Fernando, 2023). References
Froeb, L. M., McCann, B. T., Ward, M. R., & Shor, M. (2017). Managerial economics. Cengage learning.
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