Describe and answer in economic terms a managerial decision you have knowledge about (for example one that has to be made at your place of employment). Some examples of decisions are:
• Should our company hire temporary workers or hire new workers to handle increase demand for our product?
• Should we buy a new machine or upgrade the old one?
• What is the optimal level of parts we should order and keep on the shelf?
• Should we lease or buy a car?
• Should we rent or buy a house?
• Should I start a new business?