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Essay / Research Paper Abstract
This 7-page paper focuses on economic issues pertaining to a tax preparation service, including profit maximization, marginal costs and lowering barriers to entry. Bibliography lists 3 sources.
Page Count:
7 pages (~225 words per page)
File: AS43_MTincoanly.doc
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Unformatted sample text from the term paper:
here is Top Notch Income Tax Service. This business clearly provides income tax assistance, meaning it is extraordinarily busy from late January through the middle of April, and moderately busy
until late June (when corporate tax returns are required). The issue companies such as Top Notch Income Tax Service face is a
ton of competition. There are likely a lot of local CPAs in the area who can do the same thing. If that werent enough, national chains such as H&R Block
and Jackson Hewitt end up eroding market share, too. Added to this is the do-it-yourself income tax programs offered by H&R Block and Turbo Tax (a division of Quicken). As
such, the management at Top Notch Income Tax need to figure out ways to increase revenue, profits and barriers to entry. Increasing Revenue
If were looking at this from a basic point of view, increasing revenue means getting more clients; more clients mean more tax returns. But this isnt always the case
- more clients can also mean more costs going into labor, supplies and electricity and water. So while the goal here is
to obtain more clients (especially outside of tax season), another goal should be for Top Notch accountants and staff to work more efficiently. Determining Profit Maximization
Lets first discuss the concept of profit maximization. If a firm is perfectly competitive with another, rising marginal costs maximizes profit by producing a good or
service to the point during which marginal cost is equal to marginal revenue - with the marginal revenue for a perfectly competitive firm represented by the intersection of supply and
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