Supply and Demand
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Module 1 – SLP
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.
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Order Paper NowFor 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:
- What business do you want to start, and why? Explain your personal
connection to this type of business and discuss sources of information
about this business that you plan to use for your SLP. - What prices are these businesses in your chosen industry charging?
Try to get at least ten examples of businesses and the prices they are
charging, and create a table that lists the prices and any other
relevant information, such as whether the product they sell is high-end
quality or lower-end quality. - Do you notice a large range of prices that businesses are charging
for the service or product? If so, what factors do you think explain
the range of prices? Is it the quality of the product or service,
location of the business, amount of advertising done by each business,
other?
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.
- Stay focused on the precise assignment questions. Do not go off on
tangents or devote a lot of space to summarizing general background
materials. - Make sure to use reliable and credible sources as your references.
Articles published in established newspapers or business
journals/magazines are preferred. If you find articles on the Internet,
make sure they are from a credible source. - Reference your sources of information with both a bibliography and in-text citations. See the Student Guide to Writing a High-Quality Academic Paper,
including pages 11- 14 on in-text citations. Another resource is the
“Writing Style Guide,” which is found under “My Resources” in the TLC
Portal.
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