Revenue, Cost Concepts, And Market Structure Proposal For Will Bury

Revenue, Cost Concepts, and Market Structure Proposal for go away absorb
Introduction
go away Bury invented a technology, which allows the digitally copying of hardcopy materials. Will’s technology gives the audio version of hardcopy materials the sound of being drive by a human voice even though the process is done by machine. Will’s quandary is he does non know what to charge for this technology and what kinds of tax will this produce. Will must look at the revenue, hold in the greet of producing the product, and discuss the price for which he will stag his product. If his cost is higher than his selling price of the digitally copied material, his scratch margin will be negative. A business sewer have a successful operation if the product or service being sold is a want or need for consumers. According to McConnell, Brue & Flynn (2009) a market should exist to add together together buyers (demanders) and sellers (suppliers) for particular goods and service, and include a competitive price. This topic will provide recommendations for Will Bury’s beau monde to increase revenue for his company, achieve ideal production levels, acquire how fixed and variable costs should be adjusted maximize profit, and identify methods to reduce costs.



I will explain the economic concepts in Will Bury’s Price cracking Scenario and how price affects consumer purchasing for needs and wants.
Recommendations to Increase Revenue
A resource, which affects the cost of products when supply and demand increases or decreases, is labor. Labor is a resource, which is not readily available and can affect Will Bury’s plan to digitize books. The current options of paying $10 per hour for a high school graduate or $2 per hour for an overseas worker to digitize d pages per hour could become costly and ultimately decrease Will’s profits (University of Phoenix, 2009).
Will’s entrepreneurial readiness is another scarce resource being taken service of. As an...If you want to get a full essay, indian lodge it on our website: Orderessay



If you want to get a full essay, wisit our page: write my essay .