You are working in a health food business for last ten years and planning to open a restaurant that will serve food made of organic fruits, vegetables and meat. The bar area will serve organic wine. Your current customers indicated that there is no other restaurant in that area that serves organic food and drink and they will be happy to pay $50 for a meal and a glass of wine. You have done the market survey and you have forecasted that your new restaurant will be profitable. However, when you share this idea with your economists friends they discourage you and indicate that with increased competition in the future your economic profit will go down to zero.
Based on the above situation answer the following questions:
- Do you still want to open this new restaurant that will cater organic food and wine? Explain.
- Do you agree that in the future your economic profit will go down to zero? Explain.
- What will be your strategies to keep your business profitable with increased competition in the future. Explain.
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