Farah owned an antique store that specialised in rare porcelain bowl. When she opened the business in 2000, it was at a shop in an eastern suburb of Melbourne. In 2010 she started to advertise on the Internet and by 2017 the business had grown to the point where she needed help to keep the business going. After a family discussion one night at the kitchen table in Mei 2017, it was agreed that Farah would probably keep the business going for another couple of years and then retire. Kasim, her youngest son and aged 20, would work in the shop as long as was needed and in return, he would receive any unsold bowl. When Margaret retired at the end of 2020, she decided that she would give the unsold stock to charity and they could auction it and keep the proceeds. Suggest some advice to Kasim according to this case.
Farah owned an antique store that specialised in rare porcelain bowl. When she opened the business in 2000, it was at a shop in an eastern suburb of Melbourne. In 2010 she started to advertise on the Internet and by 2017 the business had grown to the point where she needed help to keep the business going. After a family discussion one night at the kitchen table in Mei 2017, it was agreed that Farah would probably keep the business going for another couple of years and then retire. Kasim, her youngest son and aged 20, would work in the shop as long as was needed and in return, he would receive any unsold bowl. When Margaret retired at the end of 2020, she decided that she would give the unsold stock to charity and they could auction it and keep the proceeds. Suggest some advice to Kasim according to this case.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Farah owned an antique store that specialised in rare porcelain bowl. When
she opened the business in 2000, it was at a shop in an eastern suburb of Melbourne.
In 2010 she started to advertise on the Internet and by 2017 the business had grown
to the point where she needed help to keep the business going. After a family
discussion one night at the kitchen table in Mei 2017, it was agreed that Farah would
probably keep the business going for another couple of years and then retire. Kasim,
her youngest son and aged 20, would work in the shop as long as was needed and in
return, he would receive any unsold bowl. When Margaret retired at the end of 2020,
she decided that she would give the unsold stock to charity and they could auction it
and keep the proceeds.
Suggest some advice to Kasim according to this case.
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