I want to talk about a decision my previous manager

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Cornell University *

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3220

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Economics

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Nov 24, 2024

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I want to talk about a decision my previous manager/boss made for our physical therapy clinic. Our clinic was doing well in Gramercy Park, Manhattan, but my boss wanted to expand. The big question was where to open a new clinic: Queens or the Bronx. In Queens, we could attract local patients because it's nearby, but there were already many clinics and hospitals. In the Bronx, there are more people and fewer clinics, so it seemed like a place with more potential to grow. My boss went with the Bronx because she thought we'd have more patients and less competition. She also thought about what we might miss out on by not picking Queens. In this case, it's the money we could have made there. Here's what happened because of her choice: By going with the Bronx, our new clinic got more patients, which means more money. In the first year, our clinic made more income and, as a result, more profit. If she'd gone with Queens, we might have faced more competition and made money more slowly. That could have meant less profit compared to the Bronx. In the end, my boss's choice to open the clinic in the Bronx turned out to be a smart business move. It let our clinic grow and make more money. So, picking the Bronx was a good decision for her. Your discussion about budget allocation, marginal analysis, fixed costs vs. variable costs, economic profit vs. accounting profit, and the concepts of marginal cost and marginal revenue

really encapsulated the key points. It's interesting to see these concepts applied in a real-world scenario like the decision your boss made for your clinic. The Bronx choice clearly had a positive impact on your clinic's growth and profitability. I'm curious, did your clinic face any challenges during the expansion process in the Bronx? How did the clinic adapt its strategies to the specific market conditions there? References: Froeb, L. M., & McCann, B. T. (2017). Managerial Economics (5th ed.). Cengage Limited. https://reader2.yuzu.com/books/978133768159

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