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?