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Economics research: 1500 words - more information available
Your task is to start a small business either in Hospitality, Tourism or Event
Management Industry. How would you differentiate your business from industry
Key areas of identification:
a) Demand, supply and product differentiation of your product or service.
b) Demonstrate whether your product or service is elastic or inelastic (with
c) With reference to your product or service, discuss the determinants price
elasticity of demand?
d) Distinguish the difference between explicit and implicit costs of your product or
e) Your firm's objective is to maximise profit. Estimate the projected sales, total
revenue and total costs. Illustrate (by diagrams) the cost curves identifying your
business shut down tolerance level (point) in the short and long run.
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