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Guys help... Costs, revenue, and profits in Extended Essay

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Hey guys its my first time in this forum so just want to say sorry if I am doing this wrong. But for the Extended Essay I want to look at how I can use managerial economics (including costs, revenue, and profit from Theory of the Firm) to help a family business that started few years ago but I'm not too sure what I can focus on in terms of the main IB content so my research question is kinda general. I'm also kind of worried because my supervisor said this kind of topic is great but students rarely do it (only one has done it so far!). Unfortunately, she didn't say anything else...

It's also a two man business so I don't know how the business can scale it up but as far as I know they are making a good amount of revenue being a monopoly.

And I am also worried that maybe I might be focusing too much on Business Management rather than economics? (correct me if I'm wrong I have no idea what happens there)

Nevertheless, my research question right now is:

"What economic strategies can X employ to improve the business?"

Thank you :D

Edited by tbeyeet
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