As the proprietor of a very prominent carry out establishment where patrons do not have sitting is becoming an issue for my family, and I. I would like to expand my operations but I am faced with the financial, physical, and emotional, issues in addition to that, the labor hours. “A production function is a description of the amounts of output expected from various combinations of inputs. It is usually expressed in the form of a table or graph, but it also can be shown by a mathematical formula” (Amacher, R., & Pate, J., 2013, 7.4, para 1). For me allocating the additional funds to purchase food, maintaining the establishment, paying my staff, brings up a concern for me, as there are fewer funds available. The short run cost factor of my dilemma is analyzing the cost of production for expansion, and purchasing materials for the new space. “Short Run is the period of time that is too short to vary all the inputs” (Amacher, & Pate 2013). Moreover, taking time away from the business to purchase furniture, fixtures, paint, flooring, etc., is time consuming. The long run factor is the period in which all production time, and materials are assessed to determine the outcome of the expansion. “Long Run is the period of time in which all inputs, including plant and equipment, can be varied” (Amacher, & Pate 2013). This type of change brings on pressure to keep my operation flowing while dealing with expansion. Expanding my operation will bring new customers, my regular clients will bring new guests, and they dine in to enjoy the service fare. Because of expansion my customer have a more enjoyable atmosphere, I will see a profit, and can begin to replace the funds that were used for production.
Amacher, R., & Pate, J. (2013). Principles of Microeconomics. San Diego, California: Bridgepoint Education, Inc. Retrieved from https://content.ashford.edu
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