Question Details

Analyze the situations below, complete the actions, and prepare a 3-4 page report with your conclusions: Intro and conclusion


Intro and Conclusion Should be in minimum 6 lines each
 
o   Given the business situation of Mrs. Acres Homemade Pies (p. 30) and using the economic concepts of supply and demand, explain 
1.	Discuss what you think will happen to the supply, demand, and price of the product in the short-term; 
2.	 Discuss what you think will happen to supply, demand, and price of the product in the long-term.  
3.	Explain why you think supply, demand, or equilibrium price will be different, if at all, in the short-term and the long-term.  
 
o	Select one of the following businesses: Soft Drink or Laundry Detergent.  Assume the business operates in market where the nature of competition is described as “monopolistic competition”.  
4.	Identify the factors of production (economic resources including natural, human, and financial resources) and for each factor of production give an example of what might be needed to operate that business; 
5.	Explain how that factor could be used to give the business a competitive advantage.  
 
The format of the report is to be as follows:
o   Typed, double spaced, Times New Roman font (size 12), one inch margins on all sides, APA format.
o   Type the question followed by your answer to the question.
o   In addition to the 3-4 pages required, a title page is to be included. The title page is to contain the title of the assignment, your name, the instructor- name, the course title, and the date.
 

















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Solve the Dilemma
MRS. ACRES HOMEMADE PIES
Shelly Acres, whose grandmother gave
her a family recipe for making pies,
loved to cook so she decided to start a
business she called Mrs. Acres Homemade
Pies. The company produces specialty
pies and sells them in local supermarkets and select
family restaurants. In each of the first six months, Shelly
and three part-time employees sold 2,000 pies for $4.50
each, netting $1.50 profit per pie. The pies were quite successful
and Shelly could not keep up with demand. The
company- success results from a quality product and productive
employees who are motivated by incentives and
who enjoy being part of a successful new business.
To meet demand, Shelly expanded operations, borrowing
money and increasing staff to four full-time employees.
Production and sales increased to 8,000 pies per month

and profits soared to $12,000 per month. However, demand
for Mrs. Acres Homemade Pies continues to accelerate
beyond what Shelly can supply. She has several options:
(1) maintain current production levels and raise prices;
(2) expand the facility and staff while maintaining the current
price; or (3) contract the production of the pies to a
national restaurant chain, giving Shelly a percentage of
profits with minimal involvement.

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