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# Market survey. In this project, we choose Panda cookies as the main product for the survey. We are interested in the relation between price and quantity of demand in market places. Well use price to estimate the quantity of demand throughout the survey

Extracts from this document...

Introduction

MARKETING SURVEY PROJECT / PRESENTATION Henry, Sina, Pitts, Hakki Mr. Scott Garbus Economics F November 18, 2010 I. Abstract: As you can see, our AIS High School campus has a small student store at the lobby. This store is managed by students and they sell foods and drinks that canteen doesn't have. The cost of the products there range from 500 to 24000VND. However, these prices are made up by the students without any logical reason. That is why we do this marketing survey project in order to help the student's government make right decisions about products and pricing in the student store. In this project, we apply the core concepts related to Demand (Demand Schedule, Demand Curve, Elasticity of demand) to gain accurate results. We hope that this project will not only help the students store to generate the best profit but pave way for students to experience how entrepreneurs use the lessons in making decisions and learn how to cooperate well in a group. ...read more.

Middle

Secondly, we used graphing calculator to randomly pick 10 students (5 males and 5 females) for each grade from 9 to 12. Then, we surveyed them independently and recorded the answers down. The question that we used is: "For every price point below, how many packets of Panda cookies would you buy per week?" We listed out prices from 6000VND to 10000VND and quantity of demand from none to more than five. III. Data Analysis A recorded responded table: Numbers of time/ Price None 1 2 3 4 5 >5 6,000 2 3 4 5 4 13 9 7,000 2 2 7 4 13 9 3 8,000 8 1 8 13 5 2 3 9,000 8 4 16 8 1 0 3 10,000 11 11 9 4 0 2 3 Total 40 Demand schedule: Price Quantity of Demand 6,000vnd 152 7,000vnd 140 8,000vnd 101 9,000vnd 79 10,000nd 66 * Calculation and ...read more.

Conclusion

o Intercept: b0 = - b1 = 8000 + 41.363 = 8041.36 The y intercept tells you that whenever the quantity of demand equals 0, the estimated price will be 8041.36. Finally, we have the regression equation for the price as the quantity of demand increases or decreases. People can use the equation to estimate the price in the future. = -41.363x + 8048.36 IV. Conclusions: If we look at the result, we can see that the price affects the quantity of demand a lot and thus plays an important part in making profit. Since one of the purpose of this project is to make the most profit, we decide to use the demand schedule to estimate at which price will bring out best profit. After calculating, we realize that at 7000VND with quantity of demand at 140 makes 980000VND which is the most out of all price points. So we decide to choose price around 7000VND for each packet of Panda cookies. ...read more.

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