Podcast
Questions and Answers
Where did Biresh Sahoo receive his Post-Doctoral Fellowship?
Where did Biresh Sahoo receive his Post-Doctoral Fellowship?
What is Biresh Sahoo's position in OMEGA: The International Journal of Management Science?
What is Biresh Sahoo's position in OMEGA: The International Journal of Management Science?
Where did Biresh Sahoo teach?
Where did Biresh Sahoo teach?
From which country did Biresh Sahoo become the first scholar to receive a coveted fellowship?
From which country did Biresh Sahoo become the first scholar to receive a coveted fellowship?
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What is the duration of Biresh Sahoo's Post-Doctoral Fellowship by the FRCT, Govt.of Portugal?
What is the duration of Biresh Sahoo's Post-Doctoral Fellowship by the FRCT, Govt.of Portugal?
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What is Biresh Sahoo's experience after Ph.D.?
What is Biresh Sahoo's experience after Ph.D.?
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What is the primary concept underlying the interdependence principle?
What is the primary concept underlying the interdependence principle?
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According to the cost-benefit principle, what should you do when evaluating a decision?
According to the cost-benefit principle, what should you do when evaluating a decision?
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In the example of buying a cup of coffee, what is the cost of the coffee?
In the example of buying a cup of coffee, what is the cost of the coffee?
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How do economists suggest converting intangible benefits to monetary equivalents?
How do economists suggest converting intangible benefits to monetary equivalents?
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What determines an individual's willingness to pay for a good?
What determines an individual's willingness to pay for a good?
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What is the primary purpose of the cost-benefit principle?
What is the primary purpose of the cost-benefit principle?
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What should you do if the benefits of a choice are less than its costs?
What should you do if the benefits of a choice are less than its costs?
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What is an example of an intangible benefit of consuming a cup of coffee?
What is an example of an intangible benefit of consuming a cup of coffee?
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What is the opportunity cost of Nerida pursuing an MBA?
What is the opportunity cost of Nerida pursuing an MBA?
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Why is there no opportunity cost associated with the time spent studying and working in the example?
Why is there no opportunity cost associated with the time spent studying and working in the example?
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What is the key concept illustrated by the example of Nerida's MBA decision?
What is the key concept illustrated by the example of Nerida's MBA decision?
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If Nerida had been offered a part-time job that paid $40,000 per year while she was pursuing her MBA, how would the opportunity cost of the MBA change?
If Nerida had been offered a part-time job that paid $40,000 per year while she was pursuing her MBA, how would the opportunity cost of the MBA change?
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How does the opportunity cost of a decision change based on the individual's perspective?
How does the opportunity cost of a decision change based on the individual's perspective?
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Why is it important to consider opportunity costs when making decisions?
Why is it important to consider opportunity costs when making decisions?
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Which of the following scenarios demonstrates the concept of opportunity cost?
Which of the following scenarios demonstrates the concept of opportunity cost?
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What is the main takeaway from the example of Nerida's MBA decision?
What is the main takeaway from the example of Nerida's MBA decision?
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What does the opportunity cost principle emphasize?
What does the opportunity cost principle emphasize?
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Why does opportunity cost arise in economics?
Why does opportunity cost arise in economics?
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What does the marginal principle suggest about decision-making?
What does the marginal principle suggest about decision-making?
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Which statement reflects the interdependence principle in decision-making?
Which statement reflects the interdependence principle in decision-making?
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What should be considered when calculating opportunity costs?
What should be considered when calculating opportunity costs?
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How should one view costs according to economists or management scientists?
How should one view costs according to economists or management scientists?
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What best describes the relationship between scarcity and opportunity cost?
What best describes the relationship between scarcity and opportunity cost?
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What type of decisions does the marginal principle encourage?
What type of decisions does the marginal principle encourage?
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Which type of interdependence involves the relationship between your choices and other people's decisions within the same market?
Which type of interdependence involves the relationship between your choices and other people's decisions within the same market?
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You decide to cook dinner at home instead of eating out. Which type of interdependence best describes this choice?
You decide to cook dinner at home instead of eating out. Which type of interdependence best describes this choice?
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You decide to buy a new phone because your old one is broken. Which of the following interdependencies is MOST likely involved in this decision?
You decide to buy a new phone because your old one is broken. Which of the following interdependencies is MOST likely involved in this decision?
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You're deciding between buying a car or taking public transportation. Which type of interdependence is MOST likely influencing your decision?
You're deciding between buying a car or taking public transportation. Which type of interdependence is MOST likely influencing your decision?
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You decide to save money for retirement instead of spending it on a vacation now. Which type of interdependence is MOST likely affecting this decision?
You decide to save money for retirement instead of spending it on a vacation now. Which type of interdependence is MOST likely affecting this decision?
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You decide to invest in a particular stock. Which type of interdependence is MOST likely impacting your decision?
You decide to invest in a particular stock. Which type of interdependence is MOST likely impacting your decision?
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You decide to go to a concert tonight, but it means you can't finish your homework. Which type of interdependence does this represent?
You decide to go to a concert tonight, but it means you can't finish your homework. Which type of interdependence does this represent?
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Study Notes
Instructor Background
- Over 25 years of experience in academia and research.
- Positions held at TAPMI, Manipal, Graduate Institute for Policy Studies (GRIPS) in Tokyo, Japan, Vienna University of Economics and Business, and XIMB since 2009.
- Received JSPS Fellowship (2001-02), Lise Meitner Fellowship (2008-09), and a postdoctoral fellowship from FRCT, Portugal (2007-08), the first Indian to receive the latter.
Academic Honors
- Associate Editor of OMEGA: The International Journal of Management Science since September 2016, first Indian on the editorial board.
- Served as an expert for the Czech Science Foundation (2016).
- Member of faculty selection committees at major universities in India.
Key Economic Principles
- Interdependence Principle: Best choices are influenced by personal decisions, others' choices, market developments, and expectations of the future.
- Cost-Benefit Principle: Evaluate complete costs and benefits; pursue choices where benefits are greater than or equal to costs.
Opportunity Cost Concept
- Definition: True cost of an item is what must be sacrificed to obtain it, encompassing trade-offs in decision-making.
- Decisions should factor in opportunity costs rather than just financial expenses.
- Scarcity: The fundamental economic problem arises from limited resources leading to necessary trade-offs.
Calculating Opportunity Costs
- Ask two fundamental questions regarding potential outcomes when pursuing a choice versus the next best alternative.
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Example:
- Consider the case of Nerida evaluating an MBA. Weigh tuition, cost of living, and lost income against continuing her current job.
Lessons on Opportunity Costs
- Changes in various factors can lead to different best choices.
Types of Interdependencies
- Individual Choices: Choices made affect other potential choices.
- Market Dependencies: Choices made by others in the same market impact options.
- Cross-Market Dependencies: Valuation shifts in one market can influence decisions in another.
- Temporal Dependencies: Current decisions affect future choices and available options.
Practice and Discussion Questions
- Reflect on personal choices and how they are impacted by individual decisions, choices of others, and future possibilities.
- Recognize the type of interdependency present in daily decision-making situations.
Summary Tips
- To reinforce learning, routinely ask about interdependencies and generate new options in decision-making scenarios.
Studying That Suits You
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Description
Introduction to microeconomics by Dr. Biresh Sahoo, covering his background and experience in teaching and research. This lecture is part of the Microeconomics for Managers course.
