Week 1 Individual Assignment

{ textual matter:bookmark-start} Scenario {text:bookmark-end} Concept {text:bookmark-start} University of capital of Arizona {text:bookmark-end} {text:bookmark-start} ECO 561 {text:bookmark-end} {text:bookmark-start} Professor basil Al-Hashimi {text:bookmark-end} {text:bookmark-start} September 4, 2009 {text:bookmark-end} Scenario Concept volition cover is researching the launch of his digital book invention. Will has some(prenominal) embarrassing decisions to make in order to try and bust the upper limit r eventideue from selling his product. Will was examine the books into his digitizer to produce the product himself, this proved a real time eat process. Will has to decide whether to hire others to plane the books or to do it himself. Will could give birth chintzy labor from students in the get together States or even cheaper labor from employees oversees by outsourcing. Labor is element of production. Any of these choices go forth effect hi s economic wampum. Economic profit is total revenue minus total cost. Labor is a factor in determining total cost.

Will do a enceinte choice in setting up a website to hug drug his product to a larger market. Websites argon relatively nickel-and-dime(prenominal) to set upand run but even so ar available to most people. The website was a great market strategy. References McConnell, C.R., Brue, S.L., & Flynn, S.M. (2009). political economy: Principles, problems, and policies (18th ed.). New York: McGraw Hill/Irwin University of Phoenix. (2009). Will Bury’s expense elasticity scenario. Retrieved August 30, 2009, from University of Phoenix, Week four, ECO 561.I! f you want to get a full essay, order it on our website: BestEssayCheap.com

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