Question
In: Accounting
The Town Council recently enacted new laws that will essentially restrict the number of new businesses...
The Town Council recently enacted new laws that will essentially restrict the number of new businesses allowed to operate each year. The improved Business Bureau is against that decision. You have been asked by the improved Business Bureau President to attend the next Council meeting and oppose the laws, replacing them with looser laws that encourage growth of new businesses.
How would you use calculus and the assignment you have just completed to support the improved Business Bureau’s request? What thought processes would you use? What additional information might you need to make a more informed decision? What additional calculus might you need to perform to help you make a more informed decision?
Solutions
Expert Solution
A) By conducting 'Cost-Benefit' Analysis we will come to know that more businesses have only benefited the citizens in terms of creating additional jobs and therefore more income to the person as well as the population as a whole.
B) The following are the arguments against the restriction on the number of new businesses:
- a new business is actually a new idea. hence it hinders innovation of the people
- more businesses-more jobs-more GDP
- by increasing the flow of goods/services, the real GDP is increased rather than nominal GDP.
- more money in the hands of people, encourages spending thereby giving a greater push for the working of the the investment multiplier.
C) The percentages of GDP before and after the decision would verify this
D) The data in terms of employment and revenue generation, changes in operating costs, prospective investors reaction to this and many other dependent (directly or indirectly) variables need to be used to conduct descriptive statistical analysis.
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