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Personnel Economics - Essay Example


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Personnel Economics

The “Casual dining” restaurant is also profitable than the “Fine dining” restaurant as shown below. Having a non-graduate chef would help the group to maximize it profits as it would record a profit of $150,000 after catering all annual costs and the Chef’s salary. In ranking therefore, the “Casual dining” restaurant and the non-graduate chef will be first in the priority. The ranking and choice are based on the most profitable combination. ...
If the group goes for the “Fine dining” restaurant, then it should choose the high quality non- graduate chef as this would lead to a high profit maximization. The ranking and choice are based on the most profitable combination. Casual dining restaurant Non-Graduate Expected annual revenues Expected annual costs Salary Profit High quality 2,600,000 2,000,000 50,000 550,000 Graduate Expected annual revenues Expected annual costs Profit High quality 2,600,000 2,000,000 90,000 510,000 Fine dining restaurant Non-Graduate Expected annual revenues Expected annual costs Salary Profit High quality 3,600,000 2,650,000 50,000 900,000 Graduate Expected annual revenues Expected annual costs Profit High quality 3,600,000 2,650,000 90,000 860,000 Competition in the restaurants The entry of many restaurants of both types in the market would highly affect the sensitivity of restaurant revenue to the quality of chef. With the increase in the number of competitors in the market, it is expected that the turnover of the restaurants will decrease which would then led

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to a reduction in the expected annual revenues. With the increase in the number of restaurants, then it is expected that chefs will be very competitive depending on their quality and this will lead to an increase in their salaries. When the chef’s salaries increase, the restaurant revenues will decrease respectively (Lazear and Cram 101 Textbook Reviews 100). This would also affect the ranking of the possible projects as the group will need to go for the graduates and high quality chefs in order to remain competitive in the market. As a result, the attractiveness of hiring the culinary school graduates will be very


Name: Professor: Institution: Date: Personnel Economics The investor group is averse to risks and seeks profit maximization Assuming that the investor group is extremely averse to risks and seeks to maximize its annual profits if the head chef turns out to be of low quality, then there is the need to rank the two restaurant types and the two chef credentials associated with low quality chef in order to determine the most profitable…
Author : vwaters
Personnel Economics essay example
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