Running head: ANALYSIS OF THE DEMAND FOR TACOS AMONGT UB STUDENTS 1 Demand for Tacos amongst UB Students By: Linda Moore, Krishaun Villafranco, Lesley Heredia, Kelcey Moguel & Anthony Phillips University of Belize Final Project as per the requirements of ECON 4015 Instructor: Mr. Sydney J. Campbell Date: November 27th, 2019
ANALYSIS OF THE DEMAND FOR TACOS AMONGT UB STUDENTS 2 Table of Contents Chapter 1 3 Introduction 3 Product Overview 3 Chapter 2 4 Methodology 4 Chapter 3 5 Determinants of Demand 5 Income 5 Population 5 Consumer Expectations 6 Chapter 4 7 Determinants of Supply 7 Input prices7 Number of Firms in the Industry 7 Chapter 5 8 Elasticity of Demand 8 Types of Elasticity 8 Chapter 6 9 Inferior Goods 9 Substitute Goods 9 Chapter 7 10 Market Structure 10 Chapter 8 12 How prices are formed 12 Conclusion 13 Recommendations 15 References 16
ANALYSIS OF THE DEMAND FOR TACOS AMONGT UB STUDENTS 3 Chapter 1 Introduction As per the requirements of this course, Managerial Economics, students were given a list of topics whereby they are required to select one and analyze with the objectives of the course. The group decided to then seek a product that would allow the application of the economics concepts and allow us to conduct an analysis. After careful considerations and thorough discussions, the group then decided to choose Tacos as their ideal product to analyze. This research is focused on analyzing the demand for tacos among the students of the University of Belize (Belize city campus). We will also go further and focus on six main components: determinants of demand (this includes income, price of related goods, population and consumer expectation), determinants of supply (this includes input prices, number of firms in the industry, taxes, and producer expectation), pricing technique, price elasticity of demand, market structure, and market concentration. Product Overview Tacos are a meal commonly consumed for breakfast, it consists of chopped up onions, tomatoes, cabbage, and pepper sauce along with either chicken or pork meat all rolled up in a corn (flour) tortilla. Vendors can be found all over the country; the locations are strategically chosen where numerous people commute and are a meal that allows you to stay on the go. In Belize, tacos have become very popular, Orange Walk is the home of the best tacos in the country. There is a variety you can choose from including, white corn, yellow corn, or flour. When it comes to the meat you can select either chicken or pork. Some vendors include a specially made sauce on the side.
ANALYSIS OF THE DEMAND FOR TACOS AMONGT UB STUDENTS 4 Chapter 2 Methodology Type of Research The study will require both quantitative and qualitative research. Quantitative methods emphasize objective measurements and the statistical, mathematical, or numerical analysis of data collected through polls, questionnaires, and surveys, or by manipulating pre-existing statistical data using computational techniques. (Mujis, 2010). While Qualitative research is a
- Fall '20
- Supply And Demand, University of Belize