Question

Pick one good or service you would want to sell (supply) at Community College. 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 whether to sell a tutoring service at Community College, one must consider the cost of production including time and materials, market demand for tutoring services and competition, and the price elasticity of demand to determine how price changes affect demand.

Step-by-step explanation:

If I were to sell a service at Community College, one of the goods I might consider is providing tutoring services. To make decisions about whether to sell at all, how much to sell, and at what price, there are several factors to consider:

• Cost of Production: This would include any materials I need to provide the service, such as textbooks, software subscriptions, and training materials, as well as the cost of my time.
• Market Demand: Understanding the demand for tutoring at the college level is crucial. How many students need the service, and what subjects are in highest demand? I must also consider the competition from other tutors or online tutoring platforms.
• Price Elasticity of Demand: This involves determining how sensitive students are to price changes. Will a slight increase in price drastically reduce the number of students willing to pay for tutoring, or is there room to adjust prices without affecting demand?