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For the last 10 years, you have been working in the health food business. You have talked to many customers who have suggested a new restaurant concept. The restaurant would feature a variety of low-calorie meals (under 500 calories) made from healthy ingredients (e.g., organic fruits and vegetables and steroid/hormone free meat). The restaurant would include a bar with an extensive organic wine list and trendy décor. There would be an emphasis on high quality, friendly service, and colorful meal presentation. Your customers suggest that they would be willing to pay around $50 to eat a meal and have a glass of wine at this type of restaurant. They lament the fact that their community has no upscale restaurants that offer this type of fare.
You have conducted a detailed financial analysis of this potential business opportunity. You believe that you have good information on the cost of starting and operating the restaurant. You project that with a $50 meal price and anticipated demand you would earn a high profit and an excellent rate of return on your investment. You have the equity capital to start the business.
Several friends with MBAs argue that you would be crazy to start this business. They claim that there are few entry barriers to the restaurant industry and the "every person with business training know that you can't make profits in a competitive industry." Should you drop the idea of opening the new business based on this argument?
Explain your answer. What are key to your success?
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The statement best describes the economics of Caribbean South America the people of the region largely survive on subsistence farming while national industries focus on mining and oil drilling.
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A monopolistically competitive firm chooses its
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This year a nation’s long run equilibrium real gdp and price level both increased. Which of the following combinations of factors might simultaneously account for both occurrences?
A firm produces 4,000 units of output using 500 workers. Marginal cost is $10, the wage rate is $160, and total fixed cost is $100,000. What is the marginal product of labor?
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