Universidad Autónoma de Nuevo León

Facultad de Contaduría Pública y Administración

Economía para la Toma de Decisiones

International Businesses Bachelor’s

PIA - Esquema de desarrollo económico (propuesta) basado

en las decisiones derivadas de análisis económico por áreas
de industrias en una entidad /país.

Team number 2

Teacher: Mario Alberto Leal Martinez

Names: Student Number

Miguel Ángel Alemán Bedarte 2123526
Alejandra Lizeth Beltrán Coronado 2002216
Ana Darely Tello Moreno 1994040
Gabriel Alejandro Arredondo Guereca 2123365
Daniela Fernanda Estrada Garza 2123248

Sán Nicolás de los Garza, November 25th, 2022

 Table of contents

Introduction 3

1. The Production Function 4

Factors of production to be used 4
Short run and long run time frames 5
Economies of scale 5

2. The Cost structure 6

Variable Cost, Fixed Cost and Total Cost 6
MC, AC, AFC and AVC 8
Opportunity cost 11

3. The Demand Curve 13

Total Utility, Marginal Utility analysis 13
Price Elasticity of Demand 14
The Cross-Price Elasticity and the Income Elasticity 15
Different factors that can affect or cause a shift of the Demand Curve. 16

4. The Market Structure 17

Characteristics of the firm 17
Maximize revenue or profits 17
Profit maximizing price and Shutdown point 18
Range of operations 18
Point where it could be positioned another location 18

Conclusion 19

General conclusions 20

References 22

Annexes 26
Introduction

In UseFull Pens we manufacture and sell, as the main product, a ballpoint

pen, which is called UseFull Pen. We decided to sell this because it is the most
common writing and drawing tool. This business is very profitable because studies
from 2018 showed that in Mexico 335.8 millions of pens were sold, which gives us a
chance to have a lot of sales.
We are going to offer this pen in three colors: black, red and blue; and once
we start selling we can add other colors like green, pink or purple, these to reach
more people and its necessities and to give them what they like.
The impact on the economy that this business creates is very good because
as we can see and notice from other Mexican brands, it has a lot of exportations
worldwide, and another advantage is that thanks to the high volume production and
sales our product has a low price.
After knowing that information, the purpose of the present document is that
we are going to show an analysis of costs and demand, its relation and the elasticity,
as well as the functions and some graphs representing what we are going to explain.
Also the factors that affect or come with the process of production as well as the
structures of the processes.
Here we are going to discover the impact that economics has in the decision
making, in this case when running a business, and all the tools that it gives us to
calculate and metric what is better to perform in a superior and greater way the
processes covered by the business.
Thanks to what we have seen in the course of the semester, we were able to
put into practice each of the knowledge acquired, both theory and practice, in
addition to the fact that the use of Excel was of great support when making the
tables and graphs that are presented below.
 1. The Production Function

Factors of production to be used

Land: materials like plastic, benzene, antler, spring pens, tungsten balls, and
other materials that are needed to manufacture the products, like machinery and
others.
Labor: First, the collection of the materials has to be made.Then, the
transportation of these to the factory, in order to start with the production: there will
be specialized machines to make the ink, and others to do the stamping, and
assembling of the pen. Finally, the packaging and shipping will be made to the
specified customer.
Capital: Billet press, shaping machine, heated steel die press, conveyor belt,
among others.
Human capital: employees and workers.
Entrepreneurship: As long as the production of pens increases, there will be
some changes that must be made, for example: the acquisition of more machinery,
new buildings and offices, more warehouses, hire more workers, just to mention a
few.
Short run and long run time frames

In the short run time frame, one input remains fixed while the others are
considered variable. In order to achieve more output, it is needed to increase the
level of production.
We have that 1 worker can produce approximately 10 pens per day, if we
want to produce more, we can increase the number of workers up to 2, so each one
will make 15 pens.
In the long run time frame, every factor can be variable, and there can be
expected more competition in this time. The decision making is crucial at this point.
If it's wanted to expand our production in the long run, the factors of production have
to be increased or changed in addition to the actual infrastructure and resources that
we have.

Economies of scale

It can benefit from the economies of scale, yes. The unit cost of the pen is
only $0.26 cents, by selling the pens at $1 dollar each, we are earning a profit of
$0.74 cents, and if we sell $1,000,000 pens we reach our maximization profit,
earning 656,700 dollars. That’s our peak point. Our highest demand.
If its decided to sell the pens at $1.8 dollars each, the profit would decrease to
$-83,300 and that would affect the production of the company. We can’t also sell the
pens for $0.5 dollars each; with that price, our profit would be $306,700, losing
$350,000 dollars.
In the end, the pens have to cost only $1 dollar to have a good profit and
earnings. Since our product is a very cheap one, in economies of scale the
production and the mass sell is easier because of the characteristics and the price of
the product, and that could affect in the future to the company, by going global or
maybe international.
2. The Cost structure

Variable Cost, Fixed Cost and Total Cost

To calculate how much it costs to make a pen, it is important to know the

basic natural resources that the product used to be manufactured, that are the next
ones listed.
● Plastic: One of the specific types of plastic that this product needs to be
manufactured are the polypropylene copolymer. This plastic is to create the
barrel, ink chamber and the cap, the price of this product only you can obtain
per ton, the ton (907 kilograms) cost approximately 1,208 dollars .
● Benzene: As part of the natural resources to create the pen, it is produced
naturally by volcanoes and forest fires, the cost for this material approximately
is 933 dollars per ton (907 kilograms).
● Antler: Is a stable material, is desirable as a material for making pens, also is
very dense and can hold fine detail easily, this product makes the finished pen
resemble. It cost like 10-12 dollars per lb (0.45 kilograms), so it was settled as
11 dollars per lb.
● Spring Pen: Type of ink pen that has a spring-load, that retracts and extend
outside a protective housing, the cost for spring is 20 dollars per 100 pieces
● Tungsten balls: are used for every pen to write on any surface, allows the ink
to go through the ball and it makes it possible to work on. It cost around 140
dollars per 100 kilograms.
 However, it's important to figure out how much does it cost to manufacture a
single pen, to obtain the unity cost and then others cost. Thus, in the next table is
shown how much raw material and the cost of manufacturing a single pen.

How many
pens can
Material
Raw Total of be Unitary
Cost needed for
material material produced cost
one pen
with the
weight

2 grams per
Plastic 1208 907 kilograms 453,500 0.0026
pen

Benzene 933 907 kilograms 0.4 grams 2,267,500 0.0004

0.45 1 anthler of 2
Anthler 11 225 0.05
kilograms grams

Spring pen 20 100 pieces 1 piece 100 0.2

Tungsten 1 ball of 0.01

140 100 kilograms 10,000,000 0.000014
balls gram

Total
unitary cost 0.253014 or 0.26 dollars per pen

On the other hand, it is important to consider fixed costs that are not related to
the productivity of the company, but to the functionality. As the major fixed cost from
the company, is the rent, the machinery and the wages from their workers.
For the rent, it's considered a terrain in San Nicolas, because the people
surveyed said that there could be the first physical store, and in consequence the
first industry where the pens are manufactured. However, San Nicolas is an
expensive place, so the other option was Escobedo, which is near San Nicolas,
Apodaca and Monterrey. The terrain is on privadas de anahuac, and has a rent of
17,000 dollars per month.
The other thing is the machinery to make a pen, first to make the body of
plastic, that is a machinery that cost around 17,000 dollars and the other to
assemble, at a rate of 2,700 pens per hour, cost 40,000 dollars,. Around 2
machineries are needed for the bodies of the pens and 5 for assembling the pens.
The total cost of those is going to be around 234,000 dollars, divided by payments of
19,500 dollars per month.
 The wages from the workers are going to be at least 4 minimum wages that
the law established on the Ley Federal del Trabajo, and we are going to have at
least 40 workers. Thus, the total payroll is going to be around 42,000 on payroll per
month.
Other things that are considered, are fixed costs from the basic services.
Electricity, from companies that use more than 100 kilowatts, pays from bills of 2,250
dollars at minimum per month according to CFE. On water is around 1,300 dollars
according to Agua y Drenaje from the metropolitan zone of Monterrey. At last, gas,
according to Naturgy, has a fee of 625 dollars only per use, and in total it could be at
least 1,250 dollars.
As a consequence, the total fixed cost is around 83,300 dollars per month.

MC, AC, AFC and AVC

Considering that the company UseFull Pens could produce around 108,000
pens per day, working only 5 days a week, leading to 540,000 pens weekly and
around 2,160,000 pens per month. The objective of the company is to maximize its
profits, and the current price at which it sells the pen is 1 dollar and the company
sells around 1,000,000 pens at the month. However, an economist said that the
company UseFull Pens could sell the pens at a lower price, of 0.5 dollars, and the
sales increased to 1,625,000 pens at the month. In addition, the prices are applied
on the actual environment and the likeability of the people, because of a survey
made by the economist.
As a consequence, and to determine the Marginal Cost, Average Cost,
Average Fixed Cost and Average Variable Cost, we determine first the profit, with the
Total Revenue.
 Total revenue = (price)(quantity)

Price in dollars Quantity Total revenue

Before 1 1,000,000 1,000,000

After 0.5 1,625,000 812,500

Then, we calculate the total cost of doing the pens, with the fixed costs and
the cost of making all the pens.

Total cost = (cost)(quantity)

Fixed Cost in Cost per unit

Quantity Total Cost
dollars in dollars

Before 83,300 0.26 1,000,000 343,300

After 83,300 0.26 1,625,000 505,800

The next step is to calculate the profit of the company, leading us to make
another calculation.

Profit = Total Revenue - Total Costs

Total revenue Total Costs Profit

Before 1,000,000 343,300 656,700

After 812,500 505,800 306,700

With this information, it is easier to have a preliminary vision of the situation of

the business, and if the decision made is adequate. However, it's still needed to find
the formula of the curve of demand, thus the next step is to make the calculation to
get it, using the formula of the inverse curve of demand.
 Price = a + b (Quantity)

after 1 = a + b (1,000,000)
-(before 0.5 = a + b (1,625,000))
equals 0.5 = -625,000b
b= -0.0000008

Then find the value of a

1 = a + (-0.0000008)(1,000,000)
1 = a - 0.8
a=1.8

The formula of curve of demand is then

P = 1.8 + (-0.0000008)q

Getting closer to calculate what is solicited, is necessary to find the equation

of Marginal Revenue, because it's going to be needed to calculate other economic
aspects of the demand.

Use the formula -> Total revenue = (Price)(Quantity)

Total Revenue = (1.8 + (-0.0000008)q)(q)
Total Revenue = 1.8q - 0.0000008q^2
Derive to find the Marginal Revenue
Marginal Revenue = 1.8 - 0.0.0000016q

Finally, with this information it could be set up a worksheet on excel with the
information required for the analysis of the change on the demand.
 For a better visualization, click on the next link: ECONOMICS.xlsx
All this information exposes that the most suitable price for the pens is one
dollar, the first price at which it is priced by the company. With this, the company
generated a profit of 656,700 dollars after paying all their costs. Also that the
average costs increase while decreasing the price, something bad for the companies
that search for a big profitability.

Opportunity cost

We don’t have a clear opportunity cost right now. Our company can only
operate on one kind of pen and the demand of our product is only sustainable to the
quantity that we put into making the ballpoint pen. The plan is to expand in the future
into adding more kinds of different pens to our market and aim for a different
demand, but for the moment, we are only making a single design and we are sticking
to that one.
 However, one of the opportunity costs that could be in the future, when the
company grows in the world, is the development of other products related to the
pens, like notebooks or different kinds of pens. The income that won’t receive from
that kind of products will be the future opportunity cost of the corporation.
We are aware that our demand can increase if we add more designs to our
company, but unfortunately we don’t have the necessary resources to do it right now.
The company is still small, of course, with this we are losing the opportunity to make
more profit, and have more acknowledgement by our customers.
3. The Demand Curve

Total Utility, Marginal Utility analysis

Utility in economics could vary depending on the people, because some

economists say that it couldn't be quantifiable and others say that it could be.
Despite the controversy, the quantification of the utility could be possible if you ask
the people how they feel having more of a product and so on. For this, the economist
in charge of the analysis made a survey, the same that is used to determine the
range of prices and other elements mentioned before, to measure the utility in a
hypothetical way of buying 1, 10 and 100 pens.

For a better visualization, click on the next link: UTILITY

The elaboration of the total and marginal utility exposes that the people that
bought the product have a good receivement of the product, and it's expected
because a pen is a product that could be found with other brands and presentations,
but at the end with the same purpose, write something. Also, the highest point of
utility is when the people bought 60 pens, but the highest marginal utility is
generated on the previous quantity, with 50 pens. This means that it is preferable to
sell that quantity of pens, because it's when it has the biggest marginal utility, leading
to a better experience with the product.
Price Elasticity of Demand

To calculate the price elasticity of demand, we calculate the percentage of

change on quantity and divide it by the percentage of change on the price, leading to
know one fundamental thing about the companies: how the revenue changes when
the price changes at the same time. Because of this, we could know if a change in
the price could lead to a better performance of the company or not.

Price elasticity of demand = % change of quantity / % change of price

Also, it could be calculated with the next formula

Price elasticity of demand = ( price / quantity) ( d Price / d Quantity)

For a better visualization click on the link: ELASTICITY

However, the information was needed in a worksheet format, so the results were
obtained and put on the table created. The information says that when the result is
bigger than 1, the company should decrease the price, when the result is less than 1,
the company should increase the price, and when it's equal to 1, it's the best price to
maximize the revenue. It can be noticed in the table that the price of 0.5 dollars
maximizes the revenue, but it's not the best option because on the mentioned
before, it's not the price that maximizes the profit. However, it shows that if the
company desires to increase its revenue, it should decrease the current price of 1
dollar to increase it.

The Cross-Price Elasticity and the Income Elasticity

The product can be classified as a normal or inferior good, and as a substitute

and complementary good. With Income Elasticity is measured if a good is inferior or
good, with the formula that shows that if the result is negative, is an inferior good,
meaning that the demand falls when income rises. Meanwhile, if the result is
positive, it is a normal good that can be classified as normal or luxury, but in general
normal good that its demand rises when income rises.

Income Elasticity = % change of quantity demanded / % change on income

Cross-Price Elasticity or Cross Elasticity measures the demand of a product

once the price of another product changes. There could be three results, negative
when the demand is linked strongly with another commodity, positive when the
demand is substituted between the goods, and zero without any relationship on
demand.

Cross-price elasticity = % change on quantity A demanded / % change in price

of B
To calculate how the income would affect the demand, it was to search
the average income of the people from the municipalities of Nuevo Leon, mainly the
ones with the biggest gap between them: Escobedo and San Pedro. Then, with the
information of the survey about how often the people are going to acquire the
product, divided by the total products sold in a month, it could be an estimate of the
quantity of income desired for each type of person. Then, to calculate the Cross
elasticity comparing it with the demand of a notebook, it calculates the price of the
pen and how many notebooks are bought depending on the price of the pen. The
supposition is that a notebook it's mostly used with 3 pens.

For a better visualization click on the link: ELASTICITY

The results obtained shows that the pen is complementary with the
notebooks, showing a strong relationship between them and the income elasticity
shows that the pens are inferior goods that tend to be purchased less once the
income increases.

Different factors that can affect or cause a shift of the Demand Curve.

The principal factors that could affect the demand shift on the demand curve
are the ones that are in the tables made previously in the document, like the price,
income, the utility or taste and if it is complementary or substitute good.
Nevertheless, there are other factors that could lead a shift on the Demand Curve,
such as the future expectation of the conditions and prices and the change in
population, factors that are more difficult to calculate than the others ones.
Nonetheless, analyzing those factors could lead to a better understanding on
the behavior of the market, making any possible change to accomplish the goal of
the company, that is commonly to have the best profit around other companies. In
addition, those factors are fundamental not only for the profitability of the corporation,
but for the innovation and improvement of the company, having better ideas and
discharging the ones that are no longer popular.
4. The Market Structure

Characteristics of the firm

The firm is from a monopolistic competition market, because despite the

simplicity of the product, a simple ballpoint pen, its price is not given by the demand,
but for the characteristics of the product. Because of this, the firm operates using a
lot of resources not in differentiation, but on the exposition of the product to get all
the attention rather than the competition. Also, the company has its own prices and
has the power to change the price of the product, decreasing the price if they want to
0.5 dollars, a value small in comparison to other ballpoint pens.
On the other hand, because of the location of the business, the company has
a lot of relationships with the biggest companies from around the place, mostly all
the companies near to Nexxus on Escobedo, where the companies need from this
good to write down anything, from basic information to information about the
warehouses and others. In addition, there is a lot of competence in the market,
having big businesses such as Bic ®, a company that is well positioned in the
market.
Nevertheless, the success of the company relies on the major factors
mentioned before, the price and the exposition, thus increasing the investment on
those characteristics will lead to a successful company first in Nuevo Leon, but in the
future it could be in the country or even the continent.

Maximize revenue or profits

Because the company is from an imperfect competition, its main goal is to

maximize profits, because those profits are going to be useful to invest it in the
growth of the company, and to have better performance. This also would lead to
being attractive to shareholders from around the place, or even the country, to invest
its money in the company. Also, related to the shareholders, the companies from
imperfect competition require to have a huge profit, to give back some of the profit to
the shareholders and be useful for them.
Profit maximizing price and Shutdown point

The profit maximizing price in our product is when the price of the product is
1.0 dlls and we sell 1,000,000 pens there is the maximizing price because we take a
profit of 656,700 dollars and there is the point when our product can have a better
profit in the market, and the Shutdown point is when we sell the product in 0.5 dollars
here the price is cheaper but we create around 1,625,000 pens to sell but we only
take a profit of 306,700 dollars but we spend 505,800 dollars to create all that pens
and in our profit maximizing we only use 343,300 to create 1,000,000 of pens with a
profit of 656,700 dollars here we can see when our product can be a better in the
market.

Range of operations

The principal places where our product operate is in the Metropolitan Area of
Monterrey but in Nuevo Leon we have our factory where we can create and deliver
to the near companies that focus on sell our type of product where is ubicated in
Escobedo, Privadas de Anahuac, and here we can send to all the cities in Nuevo
Leon like, San Nicolás de los Garza, Monterrey and Guadalupe

Point where it could be positioned another location

If in our product have a big demand in the country or in the continent we can
know that we have a better and more sells and we increase our income we can
consider to expand the company to other places around the country or even expand
to a new continent, depending on the sales of the product and the profit we can take
and not only in that we can consider the total cost we spend to create the pens. We
need to get the most out of the income we have in the company in order to try to
create more products at the same price or even in more economical way, having the
same quality that our feathers have had, so we will know if we can expand more to
continue growing and be one of the best companies selling these product of a very
good quality.
Conclusion

UseFull Pens just focused on selling one kind of product, the UseFull Pen,
this because we considered that it would be better for the company, and also, if we
get loses we could’ve been recovering much faster and easier. Another main reason
why we stay with the idea of selling just one product is because pens are highly
demanded because of its need in almost every activity, job, or situation.
And as we want to expand and globalize the company, applying the
economies of scale and having low prices, we can make a high volume production
and selling.
To know the price at which we can sell our pen we make some calculations
taking into account the resources and material that we need to manufacture the
product, we calculate the variable costs, fixed costs and the total cost. We also think
about the place where we will be located for production, and as it is another expense
needed in the process, which needs to be added to the calculations, as well as the
cost for the equipment required for production, wages and services; these to obtain
the total unitary cost. After finding these metrics we can start the process of
calculating the marginal revenue and then join all those results to obtain the
maximization of profit, which allows us to know the best pricing for the product. And
as we mentioned before, now we are a low volume production company, but to
create an opportunity cost we want to expand in the future, because once we have
the resources needed for a high volume production we could have the opportunity to
make higher profit. Another advantage of using economics in this kind of situation is
that, when knowing the price elasticity the company can tell if a change in it could be
helpful to execute the processes in the company in a greater way.
Working on this paper, we saw the importance of using economics when
making decisions, by using the formulas and functions to analyze every aspect.
Thanks to that forecast, companies can ensure if it is going to be a good idea to
implement what they have in mind or if it’s better to make some changes, it could be
in prices, materials, locations or equipment. Without the help of economics in this
situation we could have been in trouble either for an economic loss due to the bad
pricing or for having some missing costs. It gives us a vision of the company in the
short or long term, and with this we can start planning what to do and what we could
change to ensure the success of the business.
General conclusions

Alejandra Beltrán: In the elaboration of this evidence, we saw the importance

of economies and how these are applied in order to know how our firm or company
is doing and what we can do to maximize our profit, among many other things. Is
really interesting how many concepts are related to each other, and we see the
relevance of each one according to the area they are specified to. Thanks to this, I
realized that with the use of the economy, we can have a vision in short and long
terms of how our company will do, what variables are affecting its behavior and what
we can change, in order to increase the profitability, and obtain more revenue.

Ana Tello: Economics in the decision making plays an important role,

because as we saw the selection of the most profitable price was made thanks to the
analysis applied by using the functions related with costs and profit. This is very
helpful when running a business, to measure and calculate the right amount of raw
material, labor, land, the costs, prices, and every aspect to be successful and to try
to avoid the risks of any monetary loss.

Gabriel Arredondo: Well in this final project we can see the sections that a
product or services cand divided to be a good improve in the market and here we
analysis how to take the cost and the profit maximizing, and the curve demand, we
can see that our product have goods numbers in the market and not only produce 1
type of style of a pen, we have more types but the most sells in the market are the
common one’s, we take the materials we need to buy to create a pen, and the
unitary costs of each material.

Daniela Estrada: The economies as we all saw, is important in everything

and is related to everything in the world, even when you won’t notice. We learn about
the importance of certain topics, such as the decision making, or the demand curve;
the analysis data processed in just making pens and how well a company can earn a
profit by just making simple calculations with the only goal of maximizing its utility.
 Miguel Alemán: Economics is fundamental at the moment of making and
estimating how the company is going to behave, using data and quantities rather
than subjective information. The creation of this document gave me a general
knowledge about what an economist does on a daily basis, using information from
the market, the society and the company to make a forecast of the behavior of the
company. With this, the company could make the changes to have better
performance and results as in the future. Also, I consider that the topics seen during
the semester are fundamental for us as international business students, not only for
our record score, but for our laboral life, something that could lead us to work in the
economics field. To conclude, I think that the making of the document gave the
knowledge to understand economic factors of change and make a correct analysis of
them to make a good prediction on the behavior.
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Annexes

Answers from the survey applied: