honey market demand - Market Demand of Honey Paula Phelps Hannah Kunkel What Why and How Much \u274f The product we chose was an 8oz mason jar of clover

honey market demand - Market Demand of Honey Paula Phelps...

This preview shows page 1 - 5 out of 8 pages.

Market Demand of Honey Paula Phelps Hannah Kunkel
Image of page 1
What, Why, and How Much? The product we chose was an 8oz mason jar of clover honey made in South Dakota. The reason we chose a jar of honey is because we are obsessed with honey. Paula eats it almost everyday by the spoonful. Therefore we know about this product and have passion for it. We are going to sell this product for $5 because this price yields the highest total market demand. $5 also yields the highest revenue price.
Image of page 2
Determinants The consumer’s taste is one determinant that could affect the demand of our product. For example, there could be a video that goes around explaining the inhuman treatment of bees in the honey collecting process. Which could influence consumers to stop buying honey. The number of consumers is another determinant that could affect the demand of our product. The population in a town where our honey is sold could increase, thus increasing the market demand of our product.
Image of page 3
Elastic or Inelastic?
Image of page 4
Image of page 5

You've reached the end of your free preview.

Want to read all 8 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes