Identify 2 non-price determinants that had affected the demand for the business’ good or service.
Illustrate this change in demand with the demand-supply diagram and determine the effects on the equilibrium price and quantity of the business’ good or service.
Show that the effects on either the equilibrium price or quantity can be validated using reliable sources
Identify 2 businesses that are related to the business that you are studying in.
One of the related businesses can be substitutes and the other a complements to the business you are studying.
Explain how the actions of these related businesses can affect the demand of goods or services on the business that you are studying.
a) Identify 2 non-price determinants that had affected (or are affecting) the supply of the business’ good or service. For each determinant, explain the impact and support your answer using a news article/promotional poster/business’ website.
b) For each determinant, illustrate the change in supply with the demand-supply diagram and determine the effects on the equilibrium price and quantity of the business’ good or service.
c) Show that the effects on either the equilibrium price or quantity can be validated using reliable sources.
Pick 2 products/services that the business sells. 1 product/service should be elastic and the other inelastic. Using the factors affecting price elasticity of demand, explain if each product/service is elastic or inelastic by comparing it with similar products/services offered by competitors. What can the business do with the pricing policy in order to increase the total revenue?
Making use of news articles, describe the market outlook for the business in the next few years. What are potential growth areas and challenges?
Based on the current environment that the business is operating in, explain 2-3 strategies/adjustments that the business has taken or can take. Provide evidence from news articles, business websites, or photos to show these adjustments.
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