ECON 201 Chapter Notes - Chapter 16: Opportunity Cost

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15 Mar 2019

School

Ball State University

Department

Economics

Course

ECON 201

Professor

Jonathan Lamb

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Document Summary

This is a business class, so lets use what we have learned and start applying it to business. We learned greed is good at least in the movie. Video of teacher"s original idea of bed sheets tailored to two different people. My side and yours is uniquely positioned to take advantage of the billion home textile industry, and the billion domestic ecommerce market. According to home and textiles today, there is little brand loyalty and no true brand leader in the home textile industry. Most of the textile bedding market is devoted to thread count, but what people really care about is how their bedding feels. My side and yours is the only bedding company built around the idea that bedding can have two different unique textiles so each partner can have the bedding that they prefer. Startup brooklinen did more than million in sales in.

Related Questions

Your Home Is a Good Place, Inc.

INTRODUCTION: In 2006, Bill Norwalk, a 50-something entrepreneur with a decidedly independent streak, was at the cusp of a major change in his business. Norwalk's background in marketing started with a bachelor's degree in business and a marketing major. He had taken his marketing training to heart and developed a novel way of satisfying homeowner customer needs, one which had the potential to launch a new industry. Like many entrepreneurs with a good idea, Norwalk was confronting the issues of implementation and the attainment of critical mass. Should the business expand and attract new customers as well as contractors, suppliers, and other facilitators and how? How could the business increase the number of affiliates and draw from an appropriate customer base? Norwalk concluded that the best thing to do when you do not know that to do is get outside help. He decided to hire a consultant to prepare a situational analysis (SWOT) and a marketing plan for the business. BACKGROUND: Bill Norwalk grew up in Ohio, one of three children in a middle class family. He spent his formative years playing ball, going to Scouts, and being a member of his local church. Norwalk went to college at Miami University, where he got a bachelor's degree in business. After graduation he worked construction and eventually started his own business as a DJ at bars and at wedding receptions. All through his life he displayed an independent streak, doing things his way. When he was 40, his customers and friends convinced him to start installing music systems as a sideline. His experience and taste in matching sound equipment made him the perfect entrepreneur, some-one who knew what he wanted and was sufficiently risk-prone to be willing to work for it. In 2006, Norwalk was tired of working for someone else and searched for a way to use his entrepreneurial talents. He realized that his success would necessitate doing business his way. Your Home Is a Good Place, Inc., was a novel channel intermediary that employed convenience as a strategic marketing variable. It differed from traditional home improvement by providing the well-to-do homeowner with a one-stop shopping experience. Gone was the need to search out an architect or design firm and get plans. Gone was the need to then locate one or more independent contractors and put up with their continual mess while the constructive destruction processes took place. Instead, people with incomes of $100,000 or more came to the suite of showrooms at YHGP. There, on the model site, end-users could glimpse a vision of how their homes could be transformed into a luxurious playground. Home improvement is all about making one's personal environment more comfortable and at the upper levels of consumption, making it uniquely different from what the neighbors own. As such, it includes much more than basic bathroom, bedroom and/or kitchen de-sign. Unfortunately, consumers do not have the time or, in the majority of cases, the talent to visualize the elements that would make their place both tasteful and unique. Customers could walk the site visiting showroom kitchens, living rooms, bedrooms, game rooms, libraries, entertainment home theaters, pool areas, and even home putting greens for the avid golfer. If you could dream it, Norwalk could get it built. If you could not, Norwalk could locate people to dream it up for you. For example, there was an indoor driving range simulator and an outdoor putting green for the golf enthusiast. In the bath area, there were complete luxury bath spaces. No more visits to the lumber yard or home store to examine a bathtub in one place, sink in another and shower in another space with the faucets in yet another. The consumer could see the complete package with wall treatments and lighting, and Norwalk could put clients together with all the people needed to accomplish their dreams. Luxury bedrooms, kitchens and home theaters were also provided for viewing. At YHGP the consumer could literally see how different wall or floor finishes and construction techniques came together to produce an extremely unique and satisfying life-improving living space, hence the name Your Home Is a Good Place, Inc. The ease of selection was just the beginning. Once a design concept was born in the consumer's 'mind YHGP personnel would take charge of the details of preparing the construction plans obtaining and contracting with construction contractors, dealing with financing agencies' obtaining building permits, and finalizing the contracts. YHGP would arrange for coordination between the various participants and see that the contractors minimized the me'' they created and that they cleaned up their work spaces before they left at the end of the day, so that there would be no more mess for the homeowner. YHGP differed in concept from typical home store/hardware store or design center. These businesses exist as a ready-made industry in place to cater to the do-it-yourself (DIY) consumers in terms of providing the tools and components. However, most DIY projects tend to be relatively small and are undertaken by people whose primary objects is to save money. Norwalk realized that his niche was elsewhere. Consumers who have large amounts of disposable income and who want to undertake a major redesign of their space have to overcome these problems: (1) design and architectural changes including permits and safety inspections; (2) sourcing of appliances and components for the Projects, e.g., faucets for baths and speakers for home theaters; (3) provision of professional contracting labor; (4) financing for the project; and (5) dealing with the uncertainty during construction. Customers could see the central theme of the YHGP concept at a pavilion located in central Michiana on a leased site. Berrien and Cass counties in Michigan as well as Elkhart, La Porte, Marshall, St. Joseph and Starke in Indiana made up the market area. Local organizations and their statistical reporting recognized a larger 15-county area Michiana area, though Norwalk felt it was too large to serve effectively and efficiently. YHGP differed from traditional businesses because it required little of the entrepreneurâs cash up front. Norwalk convinced local contractors, landscapers, designers, architects, appliance suppliers and others to donate their work or products to develop a series of show-case rooms on the leased site. Each model environment was chock-full of design ideas to spur the creative juices 01 potential clients.

THE SUPPLY SIDE: In return for donations of labor and material, the contractors and other facilitators (including local advertising outlets, which provided the publicity/advertising) got to show-case their wares in the "whole enchilada" pavilion. The supply-side participants got a ready source of potential clients, access through YHGP-coordinated job scheduling and help with obtaining building permits and inspections. Some of the suppliers of labor and contracting as well as components included painters and wallpaper hangers, rough-in carpenters, finish carpenters and cabinet makers, masons, electrical contractors, plumbers, landscapers, faux finishers, sound design engineers, roofing contractors, welders and other certified tradespeople. Additional players were land surveyors, movers, HVAC contractors, insulation contractors, and solar/wind/alternative energy designers and installers. Not everyone who provided home remodeling services in the Michiana area was allied with Norwalk. A significant number were direct competitors, though they did not have the advantages provided by YHGP. THE DEMAND SIDE: YHGP was located in the town of Mishawaka, Indiana, in the middle of the Michiana area. While not officially recognized by the U.S. government (thus no official metropolitan statistics), the Michiana area had two associations of area government agencies. MACOG, the Michiana Area Council of Governments, representing four of the seven counties, was located in Indiana. The Southwest Michigan Planning Commission, SWMPC, represented the remaining three counties in Michigan (http://swmpc.org and www.macog.com). U.S. census data is available for the seven counties in Michiana (2000 and 2006 data were combined) (see Exhibit 1). Cass, Marshall and Starke (Michigan) and Elkhart, La Porte, St. Joseph and Berrien counties (Indiana) had approximately 856,000 residents. The median household income in Michiana's counties varied over a range of $37,000 to $57,000. The entrepreneur's vision for YHGP was to serve only di private dual customers whose household income exceeded $100,000 and whose project cost averaged $10,000. Norwalk felt that anyone who had an income below this level would be most likely to use the DIY process to serve their needs. Norwalk had not considered other options for customers. Although Norwalk considered any private individual with an income above $100,000 as a potential consumer of his services, there were limits on even this. For example, renters and people living in new homes were less likely to purchase upgrades than were others. Additionally, Norwalk wondered if age or other demographic factors might have an impact on those who might purchase. THE INTERSECTION OF SUPPLY AND DEMAND:Norwalk's concept went beyond the idea of a general contractor who subcontracted out portions of a job. YHGP coordinated projects from start to finish. In the beginning, when a customer was considering an environmental improvement, Norwalk showed them what could be done. YHGP arranged for complete plans to be drawn up, for the permits for construction, and for the financing. During construction, Norwalk worked with the contractors to see that proper building site "etiquette" was maintained. That meant that each day's mess was contained to the ex-tent possible, with the work stopped and the debris cleaned up before the crews quit for the day. Homeowners had a less stressful experience because of this. As such, customers were more likely to pay the bills which were submitted by Norwalk on time. YHGP's billing schedule billed for work on a percentage of work completed. This improved Norwalk's and the contractors' cash flows. Norwalk had six employees on staff. Norwalk was worried that he did not have the right mix of employees. Some skills were needed that his employees did not have and some dysfunctional behavior was present. For example, the chief of operations, David, was the business manager who made things happen, but stifled initiative in the process. Rory served as project manager in charge of scheduling and service calls. He was a compliant type who wanted everyone to be happy, but could not discipline workers. David had to step in when work was not progressing. Priscilla did sales and estimating. She was aggressive and probably was that way from a background in radio station sales management. Sam also did d sales and was very good at taring clients. Even though he was a self-starter, he could not initiate a sale with a new client. Rowdy was an installer and gopher (as in "Go for coffee!â) who did what was needed, but exhibited no initiative. The bookkeeper, Johanna, was a classic pencil pusher. She would start at the top of a stack of paper and work down in order, item until the work was done.

THOUGHTS: Because YHGP had few employees and relied instead on partnerships with independent contractors, expansion, in Norwalk's opinion, was as easy as bringing on a firm that wasn't currently employed by YHGP. Additionally, in harder times, Norwalk would not have to fur-lough employees. Norwalk felt that his primary contacts in the customer market were women. Women wanted a complete packaged solution rather than a piecemeal approach. Some could come to the firm after viewing one of the TV home remodeling shows and want to duplicate those concepts. Since YHGP was new, it had yet to develop a well-known image in consumers, Often a new concept is slow to catch fire with consumers. Norwalk was worried about building a brand identity in Michiana. YHGP got paid a flat percentage of the bill, typically 10 percent. Since Norwalk, arranged all of the details with both buyer and supplier, and tied everything up in staff package, consumers were not aware of the facilitating charge. The various sub contra neat negotiated with Norwalk or his staff beforehand, and because they were guaranteed their cut when the contract was signed, they did not object to the fee either. At this point, Norwalk could personally oversee all contracts. However, he worried that at some point in the future, he would need one or more project supervisors to maintain quality. Norwalk felt that if he could gain five customers a month at a minimum total bill of $10,000 each YHGP Would be successful.

CURRENT MARKETING ENDEAVORS: One element of Norwalk's plan was demonstrated in his promotional endeavors. Large home improvement purchases are often facilitated by the availability of credit and almost never occur without some form of promotion. He worked with banks and credit unions, realtors, radio stations and regional automobile dealers to develop promotions that used these facilitators' money and resources to attract business for the supply-side participants. For example, he would put together a deal with a local car dealer, a bank and a radio station. The bank would offer financing, the car dealer a one-year lease on a new car and the radio station would promote a package where a Your Home Is a Good Place, Inc., client could receive the whole package as an incentive. Each business participant got the enhanced promotional effects and Norwalk's business got a cut of the overall price of the development package up front for no cash outlay. These monies were used to pay YHGP staffers and for daily operations. Other promotional events revolved around social meetings of regional groups of professionals like doctors. A catered dinner would be provided (at the caterer's expense in ex-change for the publicity and an introduction to the group) at the YHGP showrooms. Before and after the dinner, the invited guests would have access to architects, bankers and other professionals who might be involved in the transactions, and to the model showrooms demonstrating possible changes to their living spaces. The networking opportunities pro-vided convenience for all parties and usually resulted in new contracts. YHGP got no direct income from these events.

After reading the case study, answer the following question: Who are they? Where did they come from? What industry? What is their position in the market? 4 P's (Discuss the product, place, promotion and price) Environmental Forces (Discuss how each affects the company) Customers and Target Market (Who do they serve?) Current Situation â SWOT, Competition, Market Share, Stock prices. Etc. What is the problem? Alternatives âpossible strategic solutions Recommendation

Read the articles and consider two people, Mon and Shaman, that can produce 2 goods, shrimp and mobile apps.

If Mon and Shaman devoted themselves to shrimp and mobile app production, the chart below shows how much each person can produce per hour.

Complete the first table by showing how many shrimp and mobile apps each person would produce if they did not specialize.

	Hours worked per year			Total amount produced if each person devotes all their working hours per year to each good.
		Shrimp per hour	Mobile Apps per hour	Total Shrimp	Total Mobile Apps
Mon	3500	50	1
Shaman	2000	10	5

In a world hungry for cheap shrimp, migrants labor overtime in Thai sheds

By Jason Motlagh, Published: September 19, 2012

Jason Motlagh/For The Washington Post - Burmese migrant workers peel shrimp at a processing factory in Samut Sakhon province in Thailand. High standards allow the factory to export its seafood to the United States.

MAHACHAI, Thailand â At an age when she should have been in a classroom, Thazin Mon discovered her knack for peeling shrimp. To help support her Burmese migrant family, the 14-year-old pulled 16-hour shifts, seven days a week, for less than $3 a day. âI am uneducated, so I work. I have to work bravely,â she says.

Although she was the best peeler in the factory, speed was never enough. Mon was beaten if she slowed down, she said, and when she asked for a day off to rest hands swollen with infection, her boss kicked her and threatened rape.

Thanks to a bottomless appetite for cheap shrimp in the West, Burmese migrants such as Mon are the backbone of a Thai shrimp industry that is the worldâs third largest. The United States is Thailandâs top customer, accounting for a third of the countryâs annual shrimp exports.

Rights groups say that overseas demand for shrimp products in greater volume has fueled a culture of exploitation in the Thai industry. They insist that the failure of foreign companies to sufficiently verify the origin of the shrimp they import allows abuses to persist.

âIf you look at the cost of shrimp overseas, itâs very, very cheap, and that comes from the exploitation inherent in the shrimp industry,â says Andy Hall, an expert on migration at Mahidol University who tracks Burmese labor in the Thai seafood industry.

Brisk business with major U.S. retailers such as Wal-Mart, Costco, Samâs Club and Red Lobster pumps more than $1 billion in revenue each year into the Thai economy, the second largest in Southeast Asia. As Thai living standards have risen, a shortage of unskilled labor has attracted tens of thousands of Burmese migrants looking to escape the poverty and job scarcity that has gripped their homeland for decades.

Most head to Samut Sakhon province, the heart of the processing industry just south of the capital, Bangkok, where modern facilities line the highway alongside fast-food chains and car dealerships. The more prominent factories are the size of football fields, with neon signage and billboards that feature smiling children. But thereâs a darker side behind the scenes, activists say.

Of an estimated 400,000 migrants at work in the province, only about 70,000 are legally registered. The rest are employed illegally in anonymous peeling sheds that supply the larger companies that must fill massive orders from abroad. At this lower end of the supply chain, according to migrant activists, crooked brokers and employers trap scores of Burmese in abusive conditions tantamount to slavery, particularly in the shrimp industry.

âThe small factory owners know that most of their workers are undocumented, so they can control the workforce however they want â such as locking workers in until they finish their work,â says Sompong Sakaew, a labor activist based in Mahachai, the provincial capital. âThere are also teenagers between 12 and 17 years old in the workforce.â

Sold into waking nightmare

Problems for Burmese migrants typically start as soon as they link up with brokers who promise steady work and a decent salary, only to sell them into a nearly inescapable cycle of debt bondage.

Min Oo, 28, a Burmese farmer who lost his home in a flood, said he paid a broker the equivalent of $500 to smuggle him across the border to Samut Sakhon, with the guarantee of a minimum-wage (about $10 a day) factory job. Instead, he said, the broker sold him into a waking nightmare, with 18-hour workdays in a shrimp-processing factory and net earnings of no more than $20 a week, leaving almost nothing to send home.

In some cases, migrant workers and rights groups allege, police officials or their relatives hold an ownership stake in unregistered peeling sheds. More commonly, the critics say, the authorities or those they protect shake down undocumented workers for bribes to supplement their incomes, knowing that the migrants would rather pay up on the spot than be deported to Burma.

Despite occasional police action and robust anti-trafficking laws, Sakaew, the labor activist, estimates that fully a quarter of the 1,200 to 1,300 factories in Samut Sakhon province are unregistered and, therefore, ripe for abuse. With so much profit-induced apathy on the Thai side, activists say reform pressure must come from Western companies whose trade partnerships drive the shrimp industry.

Codes of conduct

It is difficult to establish precise links between the larger Thai companies that process shrimp of dubious origin and the Western companies whose consumers increasingly demand ethical sourcing.

To do business overseas, Thai companies must qualify for membership in the Thai Frozen Foods Association, which adheres to globally recognized codes of conduct and carries out unscheduled inspections. Spokesman Arthon Piboonthanapatana asserts that anyone found guilty of labor -abuses would be expelled. In more than three years of inspections, he said, this has never happened.

âIf the shrimp is from TFFA members, I can 100 percent guaranteeâ that it is produced without labor exploitation, he said.

But critics say that until the Thai shrimp industry requires larger factories to provide records of lower-level suppliers and follows through with random inspections, the shrimp it exports will remain tainted by human trafficking and labor abuses.

For the past three years, the State Department has given Thailand a poor grade on human trafficking, citing it among countries that do not fully comply with the minimum standards for efforts to combat the problem.

After the release of the departmentâs report in 2012, Thai Foreign Minister Surapong Tovichakchaikul said his country would improve its performance by strengthening cooperation among agencies tasked with fighting human trafficking.

Motlagh reported with a grant from the Pulitzer Center on Crisis Reporting.

More world news coverage: - Turmoil in Egypt stalls talks on U.S. aid - Suicide blast kills 12 near Afghan capitalâs international airport - U.S. troops to cut missions with Afghan forces - Read more headlines from around the world.

Google reportedly acquiring Waze app for $1.3 billion

News ends months of rumors on deals with Apple, Facebook, or Google, according to Globes; Waze source refuses to comment

By David Shamah June 9, 2013, 7:20 pm

Waze co-founder Uri Levine at a Jerusalem conference in May (photo credit: Flash90)

After dating at least three of the biggest tech companies in the world, it appeared Sunday night that Waze was finally getting the ring â one worth $1.3 billion, according to a report in the Israeli business newspaper Globes.

Thatâs the sum Google has reportedly agreed to pay for Waze, the Raâanana-based crowdsourced driving and navigation app with 50 million users around the world. The figure is $300 million higher than Facebook reportedly offered to pay for the firm earlier this year.

A company source contacted by The Times of Israel had no comment on whether talks with Google (or any other party) were on or off. âWe donât comment on rumors and speculation in general,â the source said.

The purchase, reported by Globes citing an anonymous source, would be the biggest buyout yet for an Israeli consumer firm, far outstripping Face.comâs $60-million sale to Facebook last year. Indeed, it is believed that it would be the biggest sum paid for any app, ever.

In May, it was rumored that Facebook had offered nearly $1 billion for Waze, but negotiations broke down several weeks later, apparently over Facebookâs insistence that Waze move its R&D from Israel to one of Facebookâs existing facilities, in the US or Britain. Several weeks later, it was reported that Google was interested in Waze, and that the search giant had offered as much as $1 billion for the company as well.

Previous rumors â earlier this year â had Apple as a prospective Waze buyer, with an offer of $400 million for the Israeli company.

A Google-Waze deal would likely not get snagged over location; Google already has several large R&D facilities in Israel, and employs hundreds of engineers here. Integrating the already existing Waze group into the Google infrastructure would be much simpler than getting Waze integrated with Facebook, local social media expert Yotam Tavor told The Times of Israel.

However, it appears that location wasnât the only issue. As recently as several weeks ago â amid the rumors that Google was poised to make an offer for Waze â company insiders were quoted in news reports as saying that members of the Waze board of directors believed that they would be selling themselves short if they âsettledâ for $1 billion â and that they could raise much more with an IPO. How much Waze would fetch in an IPO isnât clear, but if the latest report is true, Google apparently agrees with the Waze officials opposed to a sale.

Google already has its own mapping and driving app, and competes with Waze, but the latter dominates in most of the markets where Googleâs Navigator app is used. As such, Google and Waze are competing in the same space, but most users agree that the Waze app is much more elegant and user-friendly than the Google one.

In addition, Waze has built an active and loyal social network, which is highly engaged with the app, as well as a built-in mobile ad platform. In its latest version, it supplies Google Maps-like recommendations â making it a perfect match for Google, Tavor said.

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	The Outcome Without Trade		The Outcome With Trade				The Gains From Trade
	What they Produce and Consume if they do not specialize according to comparative advantage.		What They Produce if they fully specialize in one good.	What They Trade	What They Consume		The Increase in Consumption
Mon	1.)	Point A	5.)	9.) 10.)	13.)	Point A^*	17.)	A to A^*
	2.)		6.)		14.)		18.)
Shaman	3.)	Point B	7.)	11.) 12.)	15.)	Point B^*	19.)	B to B^*
	4.)		8.)		16.)		20.)

Suppose Mon and Shaman do not specialize according to comparative advantage and exchange but instead choose to be self-sufficient.

Further, they devote half of their hours in each year to each good and they consume everything they produce domestically.

After specialization according to comparative advantage, they exchange 5,000 apps for 75,000 shrimp.

Compute values for the numbered cells.

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What is the opportunity cost of producing shrimp for Mon?

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What is the opportunity cost of producing Mobile Apps for Mon?

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What is the opportunity cost of producing Mobile Apps for Shaman?

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1.) Before specialization, how much shrimp will Mon produce?

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2.) Before specialization, how many mobile apps will Mon produce?

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3.) Before specialization, how much shrimp will Shaman produce?

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4.) Before specialization, how many mobile apps will Shaman produce?

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5.) If they specialize according to comparative advantage, how much shrimp will Mon produce?

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6.) If they specialize according to comparative advantage, how many mobile apps will Mon produce?

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7.) If they specialize according to comparative advantage, how much shrimp will Shaman produce?

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8.) If they specialize according to comparative advantage, how many mobile apps will Shaman produce?

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9.) After specialization according to comparative advantage, they exchange 5,000 apps for 75,000 shrimp, i.e. each country sells some of the good in which they have a comparative advantage for the good in which they have a comparative disadvantage.

How much shrimp will Mon trade?

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10.) How many mobile apps will Mon trade?

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11.) How much shrimp will Shaman trade?

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12.) How many mobile apps will Shaman trade?

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13.) After trade, how much shrimp will Mon consume?

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14.) After trade, how many mobile apps will Mon consume?

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15.) After trade, how much shrimp will Shaman consume?

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16.) After trade, how many mobile apps will Shaman consume?

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17.) After trade, Monâs shrimp consumption increased by how much?

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18.) After trade, Monâs mobile app consumption increased by how much?

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19.) After trade, Shamanâs shrimp consumption increased by how much?

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20.) After trade, Shamanâs mobile consumption increased by how much?

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Question 53

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What is the total amount of shrimp produced if Mon fully specializes in shrimp production?

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Question 54

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What is the total amount of shrimp produced if Shaman fully specializes in shrimp production?

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Question 55

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How many mobile apps will Mon produce if she fully specializes in producing mobile apps?

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How many mobile apps will Shaman produce if he fully specializes in producing mobile apps?

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ECON 201 Chapter Notes - Chapter 16: Opportunity Cost

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