• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our International Baccalaureate Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related International Baccalaureate Economics essays

  1. Econ IA-Supply and Demand

    "There is no suggestion the site is illegal. We examined this issue during the petrol inquiry and we examined it closely during the proposed merger between Caltex and Mobil," he said. "Nevertheless we are concerned by coordinated conduct. It (the website) does risk the possibility of less competitive outcomes for consumers and that's why we've raised it as an issue of concern."

  2. Economics HL Demand of Housing

    Price elasticity of supply (PES) - the responsiveness of quantity supplied to an increase in price - affects the housing industry as construction companies cannot buy land, or hire labour overnight. Furthermore, once they have all factors of production they can still encounter delays, such as weather.

  1. Price Elasticity of Demand

    So in order to save much money as possible, consumers can buy products with less packaging or they can bring their own bag. So when oil is defined more narrowly (into petrochemicals) the demand would become less inelastic. When the price of plastic goes up (due to price increase in oil)

  2. Aggregate Demand

    --> lowered interest rates leads to higher amount of investment as firms can borrow more money b.

  1. Markets and Price Determination

    Price of product (pence) Quantity demanded per time period 90 10 70 20 50 30 30 40 A demand curve = a graph of the demand schedule. Points to remember: * Always relate the quantity demanded to a suitable time period (e.g.

  2. Equal rights for women in labour market in Lithuania

    Despite the arguments, the problem of equal rights in labour market exists, yet several attempts have been made to improve the situation in Lithuania. Since the declaration of independence in 1990, many important economic changes such as rapid development of private sector, decrease of labour force in size, growth of

  1. Notes on Market and Demand

    - millions of individuals, :. To get market demand we need to add all the individual demand curves. Determinants of Demand The demand curve shows that demand depends on price. However, price is only one of the factors which influence demand, or is one of the determinants of demand.

  2. Economics Project Market Failure

    Also, firms may commit fraud by reducing pollution when checks take place and polluting the environment liberally at other times. 1. High taxes on companies may cause higher unemployment. As the profit margins of private firms decreases they would tend to cut down on costs and thus might make some of their labour force redundant.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work