Supply and Demand

EQ - How do supply and demand impact pricing strategies for entrepreneurs?

1.       Activator: The Hudsucker Proxy (video)

a.       Why does a business owner lower the prices of the products that they are not selling quickly?

b.       When would a business owner have to raise prices?

c.        What does a price increase communicate to customers about the demand for that product?

2.       Intro to Supply and Demand - econedlink

a.       Law of Demand

                                               i.      Demand Schedule

                                             ii.      Charting Demand

b.       Law of Supply

                                               i.      Supply Schedule

                                             ii.      Charting Supply

3.       AP – How did the Hula Hoop scene indicated the Law od Demand - econedlink

4.       Debriefing

5.       Muddy Point Questionnaire – What makes sense?  What doesn’t?

6.       Similarities between the Hula Hoop and Silly Bands

a.       Background on Silly Bandz (ABC News)

                                         i.      What information is being communicated to the business owner by the $5 price

                                       ii.      What can the business owner do to ensure the Silly Bandz are allocated to the customers who value them most?

b.       AP - What could the producers of Silly Bandz do in order to provide more of their product to their customers?

   7. TOD – Supply and Demand, Lessons from Toy Fads