Order Number |
636738393092 |
Type of Project |
ESSAY |
Writer Level |
PHD VERIFIED |
Format |
APA |
Academic Sources |
10 |
Page Count |
3-12 PAGES |
SUPPLY AND DEMAND
for the SLP this session, come up with an idea for a business you would like to start someday. This should be a business in an industry that you are familiar with and can find a lot of information about. This could be a type of business that you are currently working for or have worked for in the past, or a type of business that you are a frequent customer of. Finally – since you will have to make estimates about costs of starting up the business or what type of price you can charge, it is best to keep your business idea relatively simple.
For this first SLP, discuss your business idea and do some initial research on what prices your potential competitors in your home town are charging. More specifically, write a three-page paper discussing the following issues:
Based on your answers to Questions 1 and 2 above, do you think your product or service will have elastic or inelastic demand? You don’t have to do any calculations since you probably won’t have access to sales data on the businesses you are looking at – but based on the range of prices, you should be able to get an idea about how sensitive consumers of your product or service will be to changes in price. In addition to your own research about prices in your home town, cite some of the required background reading on elasticity to justify your answer.
SLP Assignment Expectations
Answer the assignment questions directly.
References
These videos will give you the basics of both the demand and supply curves:
Tabarrok, A. & Cowen, T. [Marginal Revolution University]. (2015, January 2). The demand curve [Video file]. Retrieved from https://www.youtube.com/watch?v=kUPm2tMCbGE
Tabarrok, A. & Cowen, T. [Marginal Revolution University]. (2015, January 2). The supply curve [Video file]. Retrieved from https://www.youtube.com/watch?v=nKvrbOq1OfI
Now, go slightly deeper into these topics and read Chapters 3 and 5 from the Taylor (2014) below. These chapters provide a detailed introduction into demand, supply, and elasticity. Pay special attention to the “Self-Check Questions” at the end of each section, which include the solutions. Before submitting the Case Assignment, it is best to test your knowledge of the concepts with the practice questions.
Taylor, T. (2014) Principles of Microeconomics. OpenStax College. http://cnx.org/contents /6i8iXmBj@10.174:UfIHC0qu@6/Introduction-to-Demand-and-Sup |
The quantitative problems in the Case for this module require you to work with demand equations. To better understand this concept, please read through Section 3.4, Modeling Consumer Demand, in the following book:
RUBRIC | |||
Excellent Quality
95-100%
|
Introduction
45-41 points The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed. |
Literature Support
91-84 points The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed. |
Methodology
58-53 points With titles for each slide as well as bulleted sections to group relevant information as required, the content is well-organized. Excellent use of typeface, color, images, effects, and so on to improve readability and presenting content. The minimum length criterion of 10 slides/pages is reached. |
Average Score
50-85% |
40-38 points
More depth/information is required for the context and importance, otherwise the study detail will be unclear. There is no search history information supplied. |
83-76 points
There is a review of important theoretical literature, however there is limited integration of research into problem-related ideas. The review is just partly focused and arranged. There is research that both supports and opposes. A summary of the material given is provided. The conclusion may or may not include a biblical integration. |
52-49 points
The content is somewhat ordered, but there is no discernible organization. The use of typeface, color, graphics, effects, and so on may sometimes distract from the presenting substance. It is possible that the length criteria will not be reached. |
Poor Quality
0-45% |
37-1 points
The context and/or importance are lacking. There is no search history information supplied. |
75-1 points
There has been an examination of relevant theoretical literature, but still no research concerning problem-related concepts has been synthesized. The review is just somewhat focused and organized. The provided overview of content does not include any supporting or opposing research. The conclusion has no scriptural references. |
48-1 points
There is no logical or apparent organizational structure. There is no discernible logical sequence. The use of typeface, color, graphics, effects, and so on often detracts from the presenting substance. It is possible that the length criteria will not be reached. |
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