By Julian Gough
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Example text
The first is called 'obsolescence loss' caused by stocking too many loaves and is equal to the cost of unsold bread. The second kind of possible loss is 'opportunity loss', the profit forgone by not stocking enough bread when demand is high. When the number stocked on any day is the same as desired sales, neither of these losses are incurred. Therefore, we get a diagonal row of zeros. However if 25 are ordered and only 20 sold we reduce maximum possible profit (given sales are 20) by 5 times 15 p.
As far as the economist is concerned the term 'profit' receives less qualification, although an important distinction is made between 'normal' and 'abnormal' profits. In the process of competition any 'abnormal' profits disappear by the entry of new competitors and the adjustment of production levels of existing firms. If competition is less fierce then 'abnormal' profits may remain over longer periods of time. Thus the distinction between normal and abnormal profits is an important one in the analysis of price and output decisions under various market conditions.
Questions APEC Ltd, well-known publishers of economic textbooks, are considering the publication of a new book, Managerial Economics for Beginners. 00 per copy. e. the firm cannot initially produce 500 books and then produce more if sales are good). 45 Uncertainty (i) Should APEC produce the book, and, if so, how many copies to maximise expected profits? 00 per copy. What will be the new optimal decision, to minimise expected opportunity losses? (iii) How will the decision be influenced by the fact that APEC is experiencing a financial crisis, so that any losses could be disastrous?