Part A
Respond to the following post. Responses can include information such as explaining why this is a good example; why the considerations the person speaks of are beneficial to/for the company, possible benefits or opportunity cost to stakeholders, and if there is anything else that could help this situation or to ensure to think about when considering opportunity cost. Support answer with reference(s).
Opportunity cost is the cost associated from not partaking in another opportunity. A firm can utilize opportunity cost in order to evaluate business choices before making them. For example, if a restaurant is thinking of opening another location it can evaluate the opportunity cost as the money, they are missing out on from not having a second location. However, the individual has to also consider the costs that will go in to starting another business as it is expensive to start up. There are costs such as insurance, equipment, and down payments that will need to be taken care of up front. The individual has to weight these costs against what he projects the restaurant will make in yearly revenues. If the payout is well worth it then taking on the initial costs should not be too much of a burden. These choices need to be evaluated seriously as “around 60 percent of new restaurants fail within the first year” (Bellini, 2016).
Part B
Respond to the following post, including an explanation of equilibrium/equilibrium pricing (list reference where idea for explanation was obtained). May also include solutions that could help quicken the equilibrium in mask prices, and problems that could occur for the medical field and the community if mask prices continue to rise.
Due to the recent outbreak of COVID-19, the demand of masks has skyrocketed. Whether it is a simple surgical mask or a more complex filtered mask, the need and desire for individuals to wear a mask has increased. Working in a health care organization, there was a time about a month ago where my workplace had ran out the necessary good due to the high demand. Patients, their family members and coworkers were also taking masks for themselves to wear in the community. This shift in demand for masks caused the market equilibrium to be unequal. In order to regain competition between buyers and sellers the equilibrium must increase to meet the demand. In Illinois, where I reside the state is requiring people to wear a mask in public places by May 1st I believe a greater shift in demand for masks as well as a supply will soon arise. This will in return cause the equilibrium price to go up.
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