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My note – My business idea is opening a coffee shop. I’ve stated before that I l
My note – My business idea is opening a coffee shop. I’ve stated before that I live in a small town where the nearest coffee shop is Starbucks but it’s a 20 minute drive the opposite way commuters have to take. It might not pretain much to this assignment but I figured I’d mention it. There’s no specific page requirement.
Assignment – Open Book/Open Note
The exam is one whereby each stage is predicated on the preceding tasks. Therefore, you must answer the previous section thoroughly before you can move on to the next part. STAGE I
Describe your idea for a business. Explain how both the laws of demand and supply are integral in how much consumers will pay and how much you are willing to sell at a prescribed price. Illustrate a supply and demand schedule as a supplement to your explanation.
STAGE II
From your demand curve constructed in STAGE I, label a series of prices and quantities explaining the elasticity ranges along the curve. Also, calculate three elasticity points along the graph explaining their “meaning” to accompany your illustration.
After defining and calculating elasticity, create a total revenue schedule. On the schedule describe how and why revenues increase, decrease or remain constant based on the elasticity of demand.
STAGE III
Explain what factors specific to your market contribute to the elasticity of supply concerning your product/service. Provide detailed analysis here with an accompanying supply curve illustration. STAGE IV
Now explain how consumer and producer surpluses are created using your supply/demand models constructed in Stages I and II. Make sure you define the relevance of each surplus and calculate their value. Also, explain what happens to surplus (for both producer and consumer) when a sales tax is imposed. Again, make sure you have an illustration accompanying your analysis.
STAGE V
Your market (“consumers”) seems to possess marginal utilities for both your product/service and another product or service that complements what you sell. Consequently, you must come up with “marginal” numbers and corresponding prices to complete Stage V.
Once you’ve identified these amounts, and based on Marginal Utility analysis, determine which of the two goods/services (yours or your competitors) consumers should purchase more of and why.
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