Trident BUS530 Module 1 SLP Latest 2019 January Question # 00598367 Subject: Education Due on: 02/20/2019 Posted On: 02/20/2019 09:50 AM Tutorials: 1 Rating: 4.8/5
BUS530
Managerial Economics
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.
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:
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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