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BUS 210 Week 1 Discussion Question 1

BUS 210 Week 1 Discussion Question 1 - For example the cost...

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BUS 210 Week 1 Discussion Question 1 There are an abundance of factors for markets trends to influence prices. Fruits and vegetables are a seasonal product, therefore during the summer; the price of a banana will be lower than in the winter. Although the banana tree is hearty plant and can withstand a good fight, very cold weather and strong winds can slow down growth. This would decrease production and increase price. Geographical locations can also be a factor. How far does the shipment have to travel to reach its destination? There are also "special considerations" that can affect prices that are different from the average reasoning. (Atmosphere/ ambiance)
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Unformatted text preview: For example, the cost of a banana at a fruit stand or fresh market will be considerably lower than a banana being served at the Ritz Carlton or a from a luxury beach side cabana on a touristy resort. The law of supply and demand is that when the price is high then the demand will be low. On the other hand, when the price is low, the demand will be higher. Now when the quantity is low, the price will be higher and vice versa. When there is a high demand for something, the company will tend to want to raise prices so that they are able to make more money. If the demand is low, they will lower prices at times to get people to buy the product....
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