Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Respond below . The response can be a question or a suggestion or a constructive criticism. Don't leave it at Great job! because that probably

Respond below. The response can be a question or a suggestion or a constructive criticism. Don't leave it at "Great job!" because that probably is not how a discussion should be.

My goodto sell at Keystone Community College would be T shirts and hoodies. The Tshirtand hoodies will be comprised of the school logo, or shirtsand hoodies for upcomingfreshmansand seniors, who are the mostlikely to buy T shirts and hoodiesthat isKeystone Community College based,because asfreshmanstheywant to show prideintheirschool, and seniors that would want to buy T shirts and hoodies based on their class year of graduation.

  • My first determinant will betechnology.We know technological improvements can reduce production costs. Asa special designedmachineformakingshirtdesignswilldramatically increase my profit. It will integrate my cutting, assembling, and stitchingfasterthan a human can,and perfectly screen printing of logos, words, and picturesetc...saving me production cost,while increasing mysupply,and ultimately my overall profit.

  • My second determinant willbe inputprice,sinceI will be using aspecial designed machineto make my T shirts and hoodies,my labor will be myself, as I can sellthemdirectlyat the college, orgive them the option of ordering them online.I will be purchasing 1500T shirts and hoodies at $1.09 a piece,which will cost me around $1650,as the more I buy, the lessmy input price willbe,as the higher the quantity you purchase, the less itwill cost perpiece, and minimizes my cost of production, while increasing my supply at the same time.I will be selling the T-shirts and hoodies at $8 a piece,leaving me with a $10,345 potential profit.

  • My third determinant will benumber of sellers.Not many sellerswould be in this market at the college, so with fewer sellers, thiswill indicate a decrease insupplies ofT-shirts and hoodies, my good with less competition,will gain more market control, and thus more profit.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quantitative Methods For Business

Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam

11th Edition

978-0324651812, 324651813, 978-0324651751

Students also viewed these Economics questions