Will Bury

In: Miscellaneous

Submitted By montrel90
Words 1436
Pages 6
Will Bury’s Business Recommendations
Annie Hunter
ECO/561
December 20, 2010
Dr. George Sharghi

Introduction Advanced technology developed by some of the best scientists and researchers in the world have totally changed the way businesses function. Technology is a permanent part of today’s culture through computers, medicine, transportation, and books. Hardcopy books are available for people’s listening pleasures through audio and CDs. The publishing industry uses human voice to record a book that delivers a unique experience to a reader. This process is time-consuming and costly. Mr. Will Bury has developed proprietary technology that will allow him to convert printed text into a digital format for reading, or audio for listening. Because Mr. Bury holds the patent on his digital and audio converting technology, his business is considered a monopoly. This creates a barrier of entry to competitors and gives Mr. Bury an advantage. However, while he has had his business for a few years, he has not been able to make it profitable enough to allow him to quit his full time job. In addition, he is not clear on how to market or price his product, (University of Phoenix, 2003). This paper will discuss basic recommendations for increasing revenue, achieving ideal production levels, adjusting fixed and variable costs to maximize profit, and identifying methods to reduce costs. Basic recommendation for increasing revenue: Mr. Bury is operating in a monopolistic structure, his demand curve is downward sloping; the quantity demanded increases as the price decreases. Mr. Bury has two advantages for increasing revenue. The first advantage is that there is no competition and Bury has a pure monopoly. A pure monopoly is a “market structure in which one firm is the sole seller of the product” (McConnell, Brue, & Flynn, 2009). The second advantage is that the price of…...

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