Question

Pick one good or service you would want to sell (supply) at Community College. 1. List and very briefly explain at least 3 of the factors that you would consider before you decide whether you want to see at all, how much you want to sell and the price you would want to charge. Try to think of these decisions from the perspective of a seller/producer. Avoid thinking from the perspective

Answer 1

To decide on supplying goods or services at a Community College, consider cost of production, market demand, and competition. These factors will help determine the viability and pricing strategy for the product, ensuring it meets student needs.

Step-by-step explanation:

When considering what goods or services to supply at a Community College, one could think about selling study guides for various subjects. Three factors to consider before deciding whether to sell at all, how much to sell, and the price to charge would be:

• Cost of production: This includes the costs associated with creating the study guides, such as materials (paper, printing) and labor (time spent researching and compiling information).
• Market demand: Surveying students to gauge their interest would help estimate the potential sales volume and the optimal pricing.
• Competition: Analyzing other available study resources and their prices to find a competitive edge, whether through better quality content, easier access, or lower prices.

These determinants would not only guide a seller about the feasibility of the business venture but also align the product offering with the needs and financial constraints of the community college students.