...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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...Nettles Carry to remove a curse and send it back, or sprinkle around the house to keep out evil. Use in purification baths. Use with a poppet or carry in a sachet to send back a spell to the one who cast it. Also Known As: Nettle Leaves, Stinging Nettle, Beggar's Lice, Common Nettle Gender: Masculine Planet: Mars Element: Fire Nutmeg Carry nutmeg for good luck, and to increase psychic powers. Use in money and prosperity spells. On green candles for prosperity, sprinkle nutmeg powder. It is a hallucinogen when made into a tea and is very toxic in large doses. Use no more than a pinch. Also Known As: Myristica Gender: Masculine Planet: Jupiter Element: Fire Orange Attracts abundance and happiness through love and marriage. Focus on a yes or no question while you eat an orange, and then count the seeds. The number of seeds will give you the answer. An even number of seeds and the answer is no, an odd number of seeds is yes. You can use the leaves and flowers in love rituals to bring on a marriage proposal. Adding an infusion of orange to your bath to increase desirability and beauty. Gender: Feminine Planet: Jupiter Element: Water Orange Bergamot Carry in a sachet while gambling to draw luck and money. Very powerful for attracting success. To increase its power, burn at any ritual. Also Known As: Orange Mint Gender: Masculine Planet: Mercury Element: Air Orris Root The main use of orris root is to find and hold love. The powder made from the root is used as a love drawing powder...
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...Will Bury es un inventor emprendedor que está convencido de que en un futuro cercano todo el mundo estará leyendo o escuchando todo digitalmente, incluyendo todos los grandes libros que tradicionalmente han estado disponibles en papel. Él sabe, por supuesto, que hay libros en CD, pero estos son relativamente caros y han sido grabados con voces humanas. También sabe que la tecnología va a transformar la palabra impresa en audio, pero hasta ahora, el sonido de esta tecnología es algo inhumano. Will planea acelerar la transformación con una tecnología propia que ha desarrollado y patentado la cual toma la palabra impresa de textos y crea un archivo digital con la opción de lectura digital o para ser escuchada con una voz sintética pero más realista. Will sabe que tiene libre acceso a los libros que ya no cuentan con la protección de los derechos de autor, y entiende que puede pagar una cuota de $5.00 por cada título de regalías por los libros con derechos de autor y así ampliar en gran medida su catálogo. Hasta ahora, se ha limitado a los libros de idioma Inglés, pero no descarta la opción de traducir textos de otro lenguaje. Hasta la fecha, los conocimientos técnicos de Will superan su visión para los negocios. Él está luchando con algunas decisiones básicas. Él ha estado haciendo esto como una operación de garaje por los últimos años y ha perdido muchos eventos familiares de gran importancia como los partidos de fútbol de su hija. Actualmente trabaja en High Tech Digital...
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...Business Protocol: Will Bury Matthew Walker ECO/561 Professor Sharghi June 2nd, 2012 Business Protocol: Will Bury Will Bury, an enterprising inventor, has invented a brilliant and innovative technology that has transformed the world of digital-audio-books and novels. Many consumers have strayed from the world of audio books due to the incorporation of an odd sounding and sometimes inaudible synthetic voice. Other individuals have strayed from the world of audio books due to the high price incorporated with audio files that are read by an actual human voice. Will Bury has invented a technology for audio books that incorporates a realistic synthetic voice that has a low production cost, saving individuals a significant amount of money and frustration. Although Will has sizable skills in technology and innovation, he lacks certain skills in running his new business, and how to sell a considerable amount of audio books. In this paper, I will introduce a few recommendations for Will’s company so he may increase revenue for the company, achieve ideal production levels, determine how fixed and variable costs should be adjusted to maximize profit, and identify methods to reduce costs. The first recommendation I would suggest to Will is to look and incorporate the laws of supply and demand. These laws conclude that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the...
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...Team D's View on Economic’s in the World Theresa Brooks, Maria Hooker, Robert Pontau, Ira Smith, Nicolle Timmons ECO/561 January 20, 2014 Alfred Igbodipe Team D's View on Economic’s in the World Introduction The objectives for week two are to 1) identify production level to maximize profits, 2) explain how to balance fixed and variable costs, 3) and apply economic cost concepts in making business decisions. The group discussed these objectives and came to the following conclusions. Identifying Production Level to Maximize Profits Profit maximization is a company’s process they undergo to determine the price levels and the best output in order for them to maximize their return. Usually the company will adjust factors that are influential such as sales prices, output levels, and production costs to reach its goal of profits. It can be a daunting task with maximizing the profits through the planning of the production level, but when a comparison to the total revenue per item, and total cost at various levels of production, any company can zero in on the output that is of perfect level. In some cases where production is restricted and in determining just how much of a product to make will keep the endeavor profitable. When the company’s maximum capacity is lower than the company’s profit maximizing level than the time to diversify or downsize into a new kind of product is needed. Maximizing profits is the firms ultimate goal, and to get as much for the firm as possible...
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...Concepts in the Will Bury Goes Global Scenario are labor, entrepreneurial ability, and capital. By determining the time it will take to digitalize hardcopy books Will Bury is focusing on the labor. Because currently Will Bury himself is doing the entire work for digitalizing Will needs to concentrate on the labor factor of economic concepts and recruit trained employers for digitalizing hardcopy books. Will wants to maximize the profits; therefore Will has a dilemma on labor aspect because employing people will cost Will Bury to pay for the wages. Capital is the next economic concept in Will Bury Goes Global Scenario. According to McDonnel-Brue,” The capital includes all manufactured aids used in consumer services and producing consumer goods”(McDonnel-Brue, p. 23). For Gaining profits in digitalizing hardcopy books business Will Bury must develop facets and equipments for transforming the printed books into the digital soft copies. Will is capturing the difference between capital verse consumers when changing into digital sound from written copyrighted print. Entrepreneurial ability is the last economic concept in the Will Bury Goes Global Scenario. Entrepreneurial ability is factoring the risks into one and therefore entrepreneurial ability is the most important economic concept. According to McDonnel-Brue,” Entrepreneur is an innovator assuming risks for initiating projects and takes strategic decisions in business” (McDonnel-Brue, Pgs 23-24). Will Bury to reach out in an...
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...Will Bury Business Proposal Will Bury Business Proposal To maintain its health with the current economic conditions a business must remain competitive and increase profits. Will Bury developed technology that will allow him to convert printed text to into a digital format for reading or an audio format for listening. Will Bury holds the patent to his technology that makes his business a monopoly. This gives him an advantage by creating a barrier to entry for competitors. Although he has had his business for a few years, Will Bury has not been able to make it profitable enough to allow him to quit his full-time job. Additionally, he does not know how to market or price his product. Recommendations will be made for increasing revenue, achieving ideal production levels, adjusting fixed and variable costs to maximize profit, and identifying methods to reduce cost. Increasing Revenue Will Bury set up a website to introduce his products. In the first six months he sold 1,000 of the older books that sell for $10 and 2,000 of the copyrighted materials that sell for $15. Altogether his revenue was $40,000. Will Bury’s friend Elsa suggested that he increase the price of his product to allow additional funds for advertising. Elsa is selling artwork that is a good of conspicuous consumption meaning that increased price of the product brings about increased sales. This is rare with the law of demand. According to Investopedia...
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...University of Phoenix Material Will Bury’s Price Elasticity Scenario Will Bury, an enterprising inventor, is convinced that soon everyone will be reading or listening to everything digitally, including books that have been mostly available in hard copy. He knows that there are books on CD, but these are relatively expensive and have been recorded using human readers. He also knows that there is technology that can transform the printed word into audio, but the sound is somewhat inhuman. Will plans on speeding up the transformation with a proprietary technology he has developed and patented. This technology takes the printed word for text materials and creates a file with the option of reading it digitally or listening to it with a realistic synthetic voice. Will knows that he has free access to books no longer under copyright protection, and he figures he can pay a royalty fee of $5 per title for copyrighted books that will greatly expand his catalog. So far, he has limited himself to English-language books but is working on a language translation option as well. To date, Will’s technical skills outpace his business acumen. He is struggling with some basic decisions. He has been working on his invention as a garage operation for the last few years and has missed many of his daughter’s soccer games while working at High Tech Digital Industries to keep his family comfortable on his $200,000 annual salary and benefits package. Will may eventually have to decide whether to...
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...Business Proposal Jamie Curet ECO 561 December 19, 2011 Dr. Bob Larkin Everyday more people are starting to get rid of physical magazines, newspapers, and now even books. Many people love to read; however, very few have time to sit down and enjoy a good book. Will Bury is an enterprising inventor who truly believes in his newest invention. His mission is to provide people who already like to read the opportunity to read the same books digitally or to listen to them with a realistic synthetic voice. Will Bury is in need of a working location to continue the work of his latest product as well as a staff to carry on the implementation. He is currently working alone on his invention out of his garage. A working location with more staff will guarantee the company a selection of more books digitized as well as more sales and higher revenue. The company’s success is dependent on being able to get the product out for the customers as well as giving them as many different options of books possible. Identification of Market Structure: Will Bury’s business that he is trying to develop is a monopolistic competition market structure. Bury knows that there is already a market for books on CD; however, he has developed and patented a technology for text materials and creates a file with the option of reading it digitally or listening to it with that takes the printed word a realistic synthetic voice. Since he has developed this new technology and there are somewhat similar products...
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...increase in price translated to a large increase in demand. This suggests that products targeted at a niche-market face a price inelastic demand curve; a small change in price results in a high increase in demand. The reverse is true when there is a fall in the price of a product; a price fall leads to a reduction in demand. Bury can increase his income by raising the price of digital books and targeting the affluent sections of society in his advertising campaigns. I In a monopolistic market, a monopolist can restrict supply so as to create a temporary shortage and thus push up the prices of commodities. By closely controlling his innovation, Bury can continue to reap high profits by selling digital book with a realistic synthetic voice. The amount of revenue generated will be dependant on the elasticity of demand as depicted by the demand arc created by the intersection of quantity demanded at different prices. At any two points along the curve, a higher price will intersect the demand arc at a higher quantity demanded. Conversely, a lower price will relate to lower quantities demanded. This situation shall prevail as long as Bury can monopolize the use of his invention and lock out the competition from encroaching into his market. The elasticity of demand calculated using this method will be greater than one as a small change in price will affects total expenditure by consumers. The elasticity of demand in this scenario is relatively inelastic because...
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...How Urban leisure has affected the environment of Bury St Edmunds Introduction The urban environment that I have decided to do this journal on is the market town of Bury St Edmunds, this small town has a lot of heritage and has seen a lot of change to its urban environment over time, I will go through all the changes that the environment has seen due to leisure. How Bury St Edmunds to shape The small market town of Bury St Edmunds first took real shape in 1811, the act of parliament formed a body of men to go round and paving and cleaning up the streets (Tim Lambert, localhistories) since 1811 Bury St Edmunds has come across a lot of changes to its urban environment. There are a number of reasons why Bury St Edmunds has needed to change its urban environment ranging from economic growth to its demographic changes and its historical changes all of these changes have made Bury St Edmunds the town it is today. Bury St Edmunds tries to keep to its historical roots even with the forced impact of modernisation changing the landscape. One of the reasons Bury St Edmunds urban environment has had large changes is down to the tourism the town brings in. According to Law (1993:p3) a lot of cities and towns were losing economy and he stated that the tourism industry was growing at a quick rate and it could help to boost a town’s economy by generating more people resulting in a higher income for the place. Bury St Edmunds followed the trend that the rest of the country were...
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...In Allen Eskens' novel The Life We Bury, Joe Talbert, a college student who has the modest goal of completing a writing assignment for an English class. His tasks is to interview a complete stranger and write a biography of the person. With upcoming deadlines, Joe heads to a nearby nursing home; Hillview Manor, to find an elderly person he can write about. There he meets Carl Iverson a convicted murderer. On Joe’s first visit, he was approached by the receptionist Janet and explained the assignment to the director Mrs. Lorngren. Mrs. Lorngren was concerned, and she did not agree for Joe to interview Carl Iverson. She stated, "The man is a monster" "I wouldn't give him the satisfaction” (pg. 12). Joe kept insisting Mrs. Lorngren to allow him, so he can write and tell about Mr. Iverson’s story. He stated, “If I can do his story, maybe… I can get him to admit the error of his ways” (pg. 13). During Joe’s visit, he had an unexpected phone call from his mother. Joe was startled. He picked up the call and could barely understand his mother’s drunken words. His mom wanted him to bail her out of jail. After Joe spoke with the officer, he rushed back home to make sure his autistic brother Jeremy was okay. Growing up, Joe always looked after Jeremy while their mom wonders around in bars until...
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...The main idea for Nietzsche’s paragraph in section four is, what preserves the species. Nietzsche begins by proclaiming that the only steps we can make toward advancement is through evil because many fear change. For many people hold their traditions, and values which have been passed down from generation to generation, the old ideas, what is good, to bring about that change would destroy their world in several ways. Those who follow in the old ways are very similar to the herd, they do as they’re told without question, and fear the evil which wishes to topple their very way of life. Their way of life however, would leave little room for progress, but change is our only way toward advancing as a civilization. During Nietzsche’s time, especially...
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...Karen Raybould March 21, 2013 SOCI 1310 Book Review The book Bury my Heart at Wounded Knee, an Indian History of the American West written by Dee Brown is a unique look at the “civilization” of the West through the eyes of the Native American populace rather than through the point of view of American settlers. It is intended to open the eyes of the reader, presumably a white American, to what truly happened during the conquering of the American West and dispel the romanticized version of western settlement popular in mainstream media and history. In the author’s own words “Americans who have always looked westward when reading about this period should read this book facing eastward.” (Brown, XXIV). Through his retelling of history, Brown discusses the effects of stereotypes, the influence of European habits of colonization, and the evolution of American policies regarding the native people. This book was written as a revisionist history of the American West from the point of view of the loser instead of the typical history which is written from the winner’s perspective. In that regard it was highly successful as even Native American authors wished they had written the book. “’Every Indian will wish he had written it,’ said Vine Deloria, author of Custer Died for Your Sins. ‘I wish I had.’” (Brown XVIII). In this work the author presents the history of the Native Americans from their own words and records. He has painstakingly combed through military negotiation...
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...still enjoying it literacy within the computer realm. The focus of this proposal paper is to analyze Will Bury invention for the digitized program which allows readers to read on heighten levels. The paper will also identify the market structure, elasticity of the product marginal cost and marginal revenue, mixing prices and non-pricing strategies. Will Bury Invention Entrepreneur Will Bury is an inventor who has dreams of expanding his invention to a wider domain, however order to accomplish this a change in his current business structure will have to take place. The type of changes that MR. Bury has considered implementing is adding staff and providing a workable environment to continue to invent the latest digitalize program. Research reveals that when changes such as this take place, it can help to improve consumer satisfaction, increase work productivity, increase quality and lower cost. Therefore, if Mr. Bury chooses to implement this changes it will not only provide improvement within his product, but also the longevity within a competitive market Identifying the Market Structure The type of market that Mr. Bury operates within is an monopolistic structure which is define as "relatively large number of sellers producing a differentiated products" (McConnell, Brue &Flynn, 2009, p.277). Mr. Bury product falls within the category of a non-price...
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