Eco 550 Week 5 Dq Essay

802 words - 4 pages

Imagine you are a manager of a chemical company. An accident has occurred in which chemicals leaked into the ground water nearby, the community is unaware. Assess the costs involved in cleaning up the water immediately (confessing) versus hiding the fact and possibly paying more in the future. Discuss the impact on profitability in both situations.

The costs incurred for an accidental chemical leak are going to associated with whatever agency that needs to be hired to clean up the mess along with the costs of having the contaminated area inspected after clean up. The cost of the leaked chemicals themselves should be considered. Other costs would include the public relations campaign – ...view middle of the document...

From the first e-Activity, assess the factors involved in conducting a break-even analysis. Determine the conditions that may exist for a manager of this good or service may decide to move forward with operations even with the initial costs of operations is more than the potential revenue.

“ A break-even situation (zero profit) occurs whenever total revenue equals total cost (McGuigan, Moyer, & Harris, 2008, p.317).” Economic costs include both accounting costs (actual money spent) and opportunity costs (money foregone from some other course of action). Starting up a one person concierge service you would have the following accounting costs – salary, computer, utilities, & advertising expenses. An opportunity cost would be the option to get a job at the local mall. Here’s an example from buzzle.com to show how this can be calculated:
“ Mathematically speaking, the opportunity cost figure is nothing but the difference between the value of the selected alternative and the value of the next best alternative.
Problem: Noel has just graduated from medical college and he has been offered a job at one of the most prestigious hospitals in town. The job would pay him $45, 000 a year. However, his uncle, who runs a health care and fitness center, has also offered him a position for $35, 000 a year. However, Noel wishes to enroll for a...

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