What decision criteria are appropriate for short-run decisions? Outline the format used for such decisions. Differentiate between ‘sunk’ and ‘avoidable’ costs. What is the relevance of such a...

What decision criteria are appropriate for short-run decisions? Outline the format used for such decisions.

Differentiate between ‘sunk’ and ‘avoidable’ costs. What is the relevance of such a distinction for short-run decisions?