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Managerial Economics 12th Edition by Mark Hirschey
Edition 12ISBN: 978-1439042144Managerial Economics 12th Edition by Mark Hirschey
Edition 12ISBN: 978-1439042144 Exercise 7
In 1848, the idea of cost-benefit analysis originated with a French engineer by the name of Jules Dupuit. Economists argue that underlying calculations of costs and benefits must be based upon actual market behavior and not based upon consumer and producer surveys or "informed estimates." Why?
Explanation
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Calculations of costs and benefits based...
Managerial Economics 12th Edition by Mark Hirschey
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