Acknowledgements i Aims and Objectives ii Introduction iii Title 1 Purpose of Investigation 2 Method of Investigation 3 Presentation, Explanation, Interpretation and Analysis of Data 4 Findings
To my parents for being there for me and running to the stationary shop. To my sister for not practicing her bad singing when doing research. To my Economics teacher for reminding me that if I want something I am the one to make it happen.
AIMS AND OBJECTIVES
The aims of this project are:-
1. To educate people about demand of good in an economy
2. To show that price and demand for goods are related and with this knowledge we can save money to invest it into the economy or to increase the liquidity.
To analyse and determine the factors influencing fast foods at St. Joseph's Convent. Additionally, to investigate the sensitivity of quantity demanded of fast foods to changes in its price.
Both primary and secondary source of collecting data was used.
2. Interveiwing of persons after the questionair.
1. Colledge Economics
2. Express and Newsday daily newspapers
3.Express and Newsday archives on the internet
Title: to test the elasticity of demand of fast foods in school
Weekly quantity demanded for fast food|# of persons|
We can see that most persons(19) demand fast foods once a week, 6 persons twice a week, 4 persons more times for the week and 1 person rarely. Interpretation and Analysis:
Most people said in the interveiwing after they did the questionair that what affected them to resort to demanding fast foods was that their parents are too buzy or lazy to cook a Sunday lunch or a simple meal during the week. As prices increases due to inflation in the U.S. work hours increases as wages remain constant. As work hours increases the time to cook decreases so therefore the demand foe fast foods increases. The fact that food prices are increasing is found from newspapers in the appendix.
Price of good|Quantity demanded of good|
When the price of a certain fast food is $15. the quantity demanded is 30 persons. When the price of that same good is incresed to $20. the demand for it is 23 persons. The change in the price is $5. And the change in quantity demanded is 7 persons. Interpretation and Analysis:
We can clearly see as the price of the good increases the quantity demanded decreases. The law of demand is followed here as it states that price and demand have an inverse relationship. The demand curve is a downward sloping curve as seen above and as the price inceases quantity demanded decreases. With fact in mind we can predict how demand is going to respond with the change in price. With this theory producers can manipulate it to to the quantity of goods they supply.
Price of fast foods|Quantity demanded of fast foods|
Change in price= 15-20
%change in price= -5/15 *100
Change in quantity demanded=30-23
%change in Qd=7/30 * 100
Therefore price elasticity or demand=...