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Essay Available:
Pages:
1 page/β‰ˆ275 words
Sources:
1 Source
Style:
APA
Subject:
Mathematics & Economics
Type:
Research Paper
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 5.18
Topic:

Coffee Shop in Chesterfield

Research Paper Instructions:

You started a coffee shop in Chesterfield (most of the residents are wealthy people). There are multiple coffee shops that are already in existence and they are all doing pretty good. However you think that because of your unique coffee bean blend and brewing system that you have a differentiated product.
First tell me what kind of company this is? What type of market will you be serving your customers in?
What section the curve are you on? Meaning long run or short run?
Now I want you to answer the 3 questions? Please use (System 1) thinking on the first 2 questions but use (System 2) for the last question. Lastly the cost of these specific beans are going up daily. Its very hard to get them in on time to meet the demands of your customers. Now because of this, I want you tell me what would happen if you increase the price of each cup 27%. to try to make up for the lag of business... So would that make Elastic or Inelastic?
Source: Economics, Brief Edition 3rd ED Campbell, Brue & Flynn

Research Paper Sample Content Preview:

Economics
First, tell me what kind of company this is?
 The type of company retail coffee shop and coffeehouse type of business as there is increased demand among the target customers. 
Attracting new customers into the business in a free entry and exit market requires differentiation to reach them. 
Type of market
The company will be selling a differentiated product, and this type of product is common in a monopolistic market where there are also a relatively large number of sellers. There is nonprice completion in the market where there is a focus on distinguishing the products and services, unlike markets selling homogenous products that compete on price.
Long run or short run curve 
           I am in the short-run curve where there is growth potential, and the output reflects costs and the levels of prices. 
The prices also respond and adjust to changes in the economic cond...
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