Question

CASE STUDY Mr. Richardson is a business man in Kigali city. After recognizing increases in price in one of the preferred commodities which is KInigi Irish potatoes, he decided to carry out research to help him answer some question like; 1, What are the causes of price increase for the Kinigi irish potatoes 2. How do you do you think will that research impact his business While conducting research, data was collected from MINICOFIN’s (Ministry of finance) reports showing the figures, looking through variations, opinions and descriptions on the reasons for the increase in prices of irish potatoes of Kinigi type. Also Mr. Richard collected data while having a direct talk to farmers of Kinigi irish potatoes and he had some papers written on some set of questions for people to fill in i.e. answering on. HE also consulted some economics books to read more about what could be the implications on products if prices change.Mr. Richard decided also to go to the market and just watch the extent to which customers are buying Kinigi irish potatoes. From the case study above give a report of different; 1. Research method Richard applied in his research 2. The tools he used to collect data 3. Characteristics of the market of Richards business in a report format including introduction, body and conclusion

Answer 1

Mr. Richardson used a combination of research methods including reviewing reports, conducting interviews, consulting books, and direct observation. He utilized tools like reports, interviews, questionnaires, books, and direct observation to collect data. The market of Mr. Richardson's business in Kigali is experiencing price increases, and his research aims to understand the causes and potential impact of these price changes.

Mr. Richardson used a combination of research methods:

Reviewing reports from MINICOFIN to gather data on the figures and variations in the prices of Kinigi Irish potatoes

Conducting direct interviews with local farmers of Kinigi Irish potatoes to collect their opinions and descriptions of the reasons for the price increase

Consulting economics books to gain more insights on the implications of price changes on products

Direct observation in the market to assess the extent to which customers are buying Kinigi Irish potatoes

Data Collection Tools:

The tools used by Mr. Richardson include:

MINICOFIN reports

Interviews with farmers

Written questionnaires for people to fill in

Economics books

Direct observation

Characteristics of the Market:

Introduction: The market where Mr. Richardson conducts his business is the city of Kigali.

Body: The market for Kinigi Irish potatoes in this city is experiencing an increase in prices. This may be due to various factors such as demand-supply dynamics, changes in the cost of production, or fluctuations in market conditions.

Conclusion: The outcome of Mr. Richardson's research will provide him with a better understanding of the causes behind the price increase and its potential impact on his business.