Eco_561

Running head: Business Recommendations Will Bury Business Recommendations University of Phoenix ECO 561 – Economics Daniel Sanchez Business Recommendations In today’s business technology is a big part of business like computers, transportation, medicine and books. Lots of books are available for pleasures through many types of media. They use live voices to make a book that gives a one of a kind experience to a listener. This system is time-consuming and is costly. Will Bury has seen a need in the production of audio books and found a way to fill that void. He has found and patented a technology that allows the changing of the printed word into audio.. Mr. bury has worked a job and has built the digitizer out of his home at night. he built the digital library with out of date copyright books and with copyrighted books. To make a good decision, he wants help on how to make more money for his company by making improve cost determine how to adjust variable and fixed costs to maximize profit, and identify methods to To get the revenue for each item, Mr. bury must multiply the prices per unit by the number sold. The money for the lapsed copyright files was $10,000 and the total money for the copyright files was $30,000 To get someone at $10 an hour inside the United State, and to get someone from oversees at the cost of $2 an hour. The best thing is to stay on the marginal cost of each one. To get most money, Mr. Bury must use the MR = MC rule, the MC for a worker from oversees is $320. And the MC of an employee from the US is $1,600 The worker from oversees is lower price. the better cost of hiring a employee from the within the US is that he or she can be supervise, by will The company is new and should remain with the owner to make sure the company vision is seen. The benefit of exceeds its costs and the company can afford because the owner will full-time work. The new company will have costs that will make output and will be difficult to keep the expenses. They are changing costs and can have maintenance fees on the digitizer. They also have fixed costs, The costs can have labor, website fees and royalty fees To maximize profit, the recommendation is for Will to take advantage of online marketing strategies. They must let the book industry know about the new invention by making articles in journals, and having online press releases, the next thing is to rank the product at search engines and use marketing techniques. For the company labor will be the largest cost of the company the best way for cost to remain low is to get a management firm for help on human capital. The next thing is to let the new people to work from their home. The last thing is to work with the company’s industry to get royalty fees associated with copyrighted files. These royalty fees are a major part of the company’s money.. By going by the recommendations in this paper, Mr. Bury will build a good company that will give a awesome time to the readers. The company does not have to focus on much of its products. The company must maintain on the MR = MC Rule to produce and sell the right total of products that will make a profit. Mr. Bury must stay in the market and improve his understanding of the economy. References McConnell, C. R., Brue, S. L., & Flynn, S. M. (2010). _Economics: Principles, problems, and policies (18th ed.). _New York: McGraw Hill/Irwin. University of Phoenix. (2010). Will Bury’s Price Elasticity Scenario. ECO/561Retrieved MAY,08, 2010 from https://ecampus.phoenix.edu/classroom/ic/classroom.aspx