Suppose that in 2019, you win a lottery and with your prize money, which is quite a large amount, you procure a fast-food restaurant. The restaurant has a maximum capacity of 100 people and all the necessary equipment is in working order. You plan to remodel it and, based on feedback you’ve received from friends and acquaintances, will offer Italian cuisine. Describe some of the decisions that you must make in the short run. What might you consider as your “fixed factor”? What alternative decisions should you be able to make in the long run?
Explain.