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Economics and Ethical Issues Essay

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Economics and Ethical Issues

Economics and Ethical Issues
Supply and Demand
Supply is defined as the number of products goods and services that businesses are willing to sell at different process at a specific time (Ferrell, Hirt, & Ferrell, 2009). With most business, because the potential for profits is higher, businesses are willing to supply more of a good or service at higher prices. Demand is defined as the number of goods and services that consumers are willing to buy at different prices at a specific time (Ferrell, Hirt, & Ferrell, 2009). With demand, consumers are willing to buy more of an item when the prices drops because the idea is to save money.
In the case of Mrs. Acres Homemade Pies, Shelly Acres’ company is the only company producing this particular type of pies in her market. With that being said, a monopoly exists. Knowing that this company is the only one producing this type of pies, Acres can set the price of the pies to fit the company’s needs with no worries of losing sales to a competitor. During this time, it would be a great idea to have her grandmother’s recipe patent. Patent laws grant the developer (Shelly) of new technology (receipt), usually to seventeen years during which no other producer can use the same technology without the agreement of the original developer. While acquiring the patent, she should also expand her facility and staff while increasing the price of pies.
During this time, the supply will be low as the demand increases. Because the demand of the pies is going to be high, Shelly would be able to increase the price of her pies to allow her to increase the staff and the production of the pies which would give her the competitive advantage.
With the patent, Shelly has approximately seventeen years to grow and expand her business. She should look into contracting out the production of the pies to a national restaurant chain, giving her a percentage of profits but because she still...

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"Economics and Ethical Issues". Anti Essays. 9 Dec. 2018


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Economics and Ethical Issues. Anti Essays. Retrieved December 9, 2018, from the World Wide Web: http://parimatch-stavka7.com/free-essays/Economics-And-Ethical-Issues-394128.html

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