1 18 the three economic criteria for choosing the best alternative are
1-18 The three economic criteria for choosing the best alternative are maximize the difference between output and input, minimize input, and maximize output. For each of the following situations, what is the correct economic criterion? (a) A manufacturer can sell up to two full shifts of production at a fixed price. As production is increased, unit costs increase as a result of overtime pay and so forth. The manufacturer's criterion should be _________. (6) An architectural and engineering firm has been awarded the contract to design a wharf with fixed performance specifications for a petroleum company. The engineering firm's criterion for its client should be ____________. (c) An off-campus bookstore is choosing its target used'new split for next year. Its criterion should be _________. (d) At an auction of antiques, a bidder for a particular porcelain statue would he trying to _________.
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