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Product(s)/Service(s) provided by the business

You are required to pick a real business, imagine that you are the owner or store manager of the business, and look into how the business determines the demand and supply for the good(s)/service(s) they provide. To complete the project, you are expected to follow the steps as stated below.

Step 1: Look for a business of your interest located in New York (it could be a business that provides just a single category of product(s)/service(s) or has multiple lines of product(s)/service(s))

Search for the following information about the business.

– Product(s)/Service(s) provided by the business

– Location of the business (i.e. street address of the business)

– Name of the owner or store manager (who might be your potential interviewee if you decide to go for an interview)

– Industry (in which industry the business is operating?)

– Market structure (whether the business is a monopoly in the region? If not, find out how competitive the market is in the region. You can show a list of some competitors in your region.)

– Business Type (whether the business is a single store (like convenience store or liquor store etc.), chain business, or multinational business)

STEP 3: Collect the following information as much as possible.

– Current number of employees

– Approximate annual revenue over the past few years (i.e. 5 years)

– Detailed description of the good(s)/service(s) provided by the business

– How does the business estimate the demand and supply for the good(s)/service(s) they provide?

– How does the supply of good(s)/service(s) satisfy the demand over the past few years (i.e. 5 years)?

– What are the factors that might affect the demand and supply for the good(s)/service(s) and how?

Step 4: Write up a project report (max. 5 pages, excluding title page, abstract and references ) based on the information you have collected in Step 1 and 3 and discuss how the business can determine the equilibrium price and quantity for the good(s)/service(s). All the information included in Step 1 must be real. For any parts in step 3 where first-hand information is not directly obtainable, you can come up with some estimation by using your own knowledge, observation, or internet research etc.

Step 4: Write up a project report (max. 5 pages, excluding title page, abstract and references ) based on the information you have collected in Step 1 and 3 and discuss how the business can determine the equilibrium price and quantity for the good(s)/service(s). All the information included in Step 1 must be real. For any parts in step 3 where first-hand information is not directly obtainable, you can come up with some estimation by using your own knowledge, observation, or internet research etc.

Your written report should contain the following information items that must be presented in the same order.

(1)

Name of the business.

(2)

Location of the business.

(3)

Industry.

(4)

Market structure.

(5)

Store type.

(6)

Name of the owner/store manager.

(7)

Number of employees.

(8)

Approximate annual revenue.

(9)

Good(s)/Service(s) description.

(10)

How does the business estimate the demand and supply for its good(s)/service(s)?

(11)

How does the supply satisfy demand over the past few years?

(12)

Explain what influences the demand and supply for its good(s)/service(s) and how studied in the project.

(13)

(14)

(15)

Explain how the firm can determine the equilibrium between the demand and supply.

Are Substitutes available and relevant?

Conclusion

Project Report Format

You are expected to follow the format below in writing your report.

A. Content of Report

1. Title Page
Organize the followings nicely in the title page.

· “Indiana University East” , “School of Business and Economics”, “E103 Introduction to Microeconomics”, Semester, Year, Class No. xxxxx,
· “Applied Project – ” followed by the name of your selected business
· “Submitted by” followed by your name
· Date of the report

2. Abstract (start a new page for the abstract)
· Center the word “Abstract” at the top of the page
· Write a brief (between 150 and 250 words) summary of your report in a precise and concise manner.

3. Main body (start a new page for the main body, do not include the words “Main body” on this page.)
· Organize the information you have collected for Items 1 to 15 into sections of your choice but the items must be presented in the same order as in Step 4 on Page 2. Section titles must be included in the main body.
· Quote your sources of information. Please refer to the APA In-text Quotations (http://owl.english.purdue.edu/owl/resource/560/02/ and http://owl.english.purdue.edu/owl/resource/560/03/) on how to quote the sources of your information.

4. References (start a new page for the references and external links)
· Center the word “References” at the top of the page
· Double-space each reference entry
· For each entry, flush left the first line and indent the subsequent lines
· Arrange the entries in alphabetical order of the author’s surnames

Examples can be found at http://owl.english.purdue.edu/owl/resource/560/10/

B. Presentation of Materials

–

Writing style

· Clarity (clear – you must be specific in your description and explanations, concise – you must condense your information whenever you can, and plain – please use only simple and descriptive adjectives)
· Organization of sections
· Use the third person point of view and active voice

In addition, your report should

· be typed, either with single-line or double-line spacing, two spaces after punctuation between sentences, 1” margins on all sides and in 10-12 pts. Times New Roman
· include a page header containing “Applied Project – ” followed by the name of your selected business in the upper left-hand side of every page and a page number in the upper right-hand side of every page.

–

Use of table (appropriate use, not “the more the merrier”)

–

Use of chart/graph (appropriate use, not “the more the merrier”)

–

Quoting of References (appropriate quoting, not “the more the merrier”)

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