From the course: Accounting Foundations: Managerial Accounting
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Opening a Thai restaurant
From the course: Accounting Foundations: Managerial Accounting
Opening a Thai restaurant
- I hear that you like Thai food. That's food from Thailand. - I love Thai food. Tom Kha Kai, saute sticks, pad Thai, delicious. - Well, you'll have to take me out for some Thai food sometime. Let's consider whether it would make sense to open a Thai restaurant in our hometown of Grantsville, Utah. Okay, well say there's about 9,000 residents in Grantsville right now. What costs are there in operating a restaurant? Let's start with fixed costs, the cost that will be there whether you have customers or not. - [Man With Glasses] Fixed cost, okay. Rent, insurance, interest on any money you borrow to get the restaurant started, salary of the restaurant manager. You have to pay all of these fixed costs whether anybody comes to the restaurant or not. - [Man Without Glasses] Good, now what about variable costs? These are the costs that go up the more business that you have, the more people who come into your restaurant. - Okay, variable costs. More customers means more costs for the food…
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