Will Bury Scenario Part II
May 18, 2010
University of Phoenix ECO/GM 561
Dr. George K. Sharghi
Part II: Economic Concepts
According to Phoenix (2010), before Will Bury expands sales and offers his digitized books internationally, the following is required: 1) identify the issues of expanding beyond the domestic market, 2) proposal of suggestions to help maximize revenue, 3) identify three viable international markets and 4) apply determinants of price elasticity of demand to three chosen markets, 5) recommend pricing for products based on price elasticity determinants.
The Will Bury Global scenario embodies the entrepreneurial use of ingenuity, technology, business applications and planning of scarce resources to achieve maximum satisfaction of economic wants. In examining the positive and negative aspects of Will Bury’s business, this researcher has identified there are several concepts and decisions relating to the use and availability of resources such as human (employees), proprietary (copyrighted) which may affecting present and future operations.
The following fundamental concepts have been identified: 1) Marginal analysis, the comparison of marginal benefits and marginal costs relative utilization of resources, 2) Micro-economics, studying a specific segment, unit, aspects of a product, 3) Price elasticity of demand and 4) Supply and Demand. The presence of these concepts indicate this scenario observes a) the decision to use copyrighted material for catalogs and its costs, b) the decision to devote time to the entrepreneurial development of the business (opportunity cost) vice the current job that pays a set salary, c) the decision to hire additional help, who to hire and what to pay them, d) the decision to set a price point and cost of overpricing the product and services and sensitivity to effects on consumers (elasticity, supply and demand), (Phoenix, 2010).
Although, there are several other business concepts and economic...