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Project Part 6

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Project Part 3
Betsy Whitfield
ITT Tech Online
MG514 – Managerial Economics
Professor Michael Thirtle
April 27, 2013

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Project Part 3 The fundamental concepts of managerial economics are to decide if a production plant is needed.
What will be produced, where the plant will be located, and how many employees do we need. I chose a plastic plant. One can either buy an existing manufacturing plant (Starting a Plastic Manufacturing Plant, 2013). There are a lot of plastic manufacturing plants that are fully furnished and offered for sale in various parts of the world (Starting a Plastic Manufacturing Plant, 2013). They cater to a wide variety of plastic products (Starting a Plastic Manufacturing Plant, 2013). Once you are knowledgeable of your desired product, the scientific and technical way to manufacture it and the type of business venture you are planning, as well as the location of your plant, you can start looking into the license and permit requirements of the government (Starting a Plastic Manufacturing Plant, 2013).
Any transaction has two dimensions, namely a demand and a supply (, 2013). In any market, the number of units of a commodity that a consumer has the will and ability to pay for becomes the demand for that particular commodity in the market and any producer that has the will and ability to produce those units, becomes the supply (, 2013). It is not necessary that the demand and supply volumes will match (, 2013). The aggregate demand and supply analysis is based on this difference between the demand and supply forces (, 2013)
The demand for a good or service is defined as Quantities of a good or service that people are ready to buy at various prices within some given time period, other factors besides…...

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