Supply and Demand SLP

Supply and Demand SLP Order Description Come up with an idea for a busin" rel="nofollow">iness you would like to start someday. This should be a busin" rel="nofollow">iness in" rel="nofollow">in an in" rel="nofollow">industry that you are familiar with and can fin" rel="nofollow">ind a lot of in" rel="nofollow">information about. This could be a type of busin" rel="nofollow">iness that you are currently workin" rel="nofollow">ing for or have worked for in" rel="nofollow">in the past, or a type of busin" rel="nofollow">iness that you are a frequent customer of. Fin" rel="nofollow">inally – sin" rel="nofollow">ince you will have to make estimates about costs of startin" rel="nofollow">ing up the busin" rel="nofollow">iness or what type of price you can charge, it is best to keep your busin" rel="nofollow">iness idea relatively simple. For this first SLP, discuss your busin" rel="nofollow">iness idea and do some in" rel="nofollow">initial research on what prices your potential competitors in" rel="nofollow">in your home town are chargin" rel="nofollow">ing. More specifically, write a three-page paper discussin" rel="nofollow">ing the followin" rel="nofollow">ing issues: 1.What busin" rel="nofollow">iness do you want to start, and why? Explain" rel="nofollow">in your personal connection to this type of busin" rel="nofollow">iness and discuss sources of in" rel="nofollow">information about this busin" rel="nofollow">iness that you plan to use for your SLP. 2.What prices are these busin" rel="nofollow">inesses in" rel="nofollow">in your chosen in" rel="nofollow">industry chargin" rel="nofollow">ing? Try to get at least ten examples of busin" rel="nofollow">inesses and the prices they are chargin" rel="nofollow">ing, and create a table that lists the prices and any other relevant in" rel="nofollow">information, such as whether the product they sell is high-end quality or lower-end quality. 3.Do you notice a large range of prices that busin" rel="nofollow">inesses are chargin" rel="nofollow">ing for the service or product? If so, what factors do you thin" rel="nofollow">ink explain" rel="nofollow">in the range of prices? Is it the quality of the product or service, location of the busin" rel="nofollow">iness, amount of advertisin" rel="nofollow">ing done by each busin" rel="nofollow">iness, other? Based on your answers to Questions 1 and 2 above, do you thin" rel="nofollow">ink your product or service will have elastic or in" rel="nofollow">inelastic demand? You don’t have to do any calculations sin" rel="nofollow">ince you probably won’t have access to sales data on the busin" rel="nofollow">inesses you are lookin" rel="nofollow">ing 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" rel="nofollow">in price. In addition to your own research about prices in" rel="nofollow">in your home town, cite some of the required background readin" rel="nofollow">ing on elasticity to justify your answer. SLP Assignment Expectations Answer the assignment questions directly. •Stay focused on the precise assignment questions. Do not go off on tangents or devote a lot of space to summarizin" rel="nofollow">ing general background materials. •Make sure to use reliable and credible sources as your references. Articles published in" rel="nofollow">in established newspapers or busin" rel="nofollow">iness journals/magazin" rel="nofollow">ines are preferred. If you fin" rel="nofollow">ind articles on the Internet, make sure they are from a credible source. •Reference your sources of in" rel="nofollow">information with both a bibliography and in" rel="nofollow">in-text citations. See the Student Guide to Writin" rel="nofollow">ing a High-Quality Academic Paper, in" rel="nofollow">includin" rel="nofollow">ing pages 11- 14 on in" rel="nofollow">in-text citations.