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Essay / Research Paper Abstract
This 3 page paper looks at the purchase of a commodity by a consumer where prices are not fixed. The example chosen is a restaurant where prices increase in the evening,. The paper shows how and why the prices are different and the influences that may impact on the consumer decision. The paper finished with a graph to show the way that the decision may e made in terms of quantities of lunches and dinners for a single budget. The bibliography cites 1 source.
Page Count:
3 pages (~225 words per page)
File: TS14_TEcommdpr.rtf
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Unformatted sample text from the term paper:
for the same goods and services dependant on the time of day or the time of year. For example, the main time when a restaurant owner will want to increase
demand for the meal at lunchtimes, this, traditionally is the quieter time where fewer people will come in and may order less. The prices are lower in order to encourage
more visitors to the restaurant. The overheads remain the same, and of restaurant the variables costs usually come to about a third of the meal price that is charged, as
such dropping process can increase profit for the restaurant owner. During the evenings there is a greater demand and the restaurant will have more full tables, this means that there
are more customers. It is at this time that the restaurant will charge a higher price, knowing that the patrons will be more prepared to pay that price. The cost
may be the most when it comes holiday period. These are times when the restaurant may be able to fill to capacity, or be very busy, as such there will
be an even higher price, however the units sold are likely to be different, with a menu designed to match the holiday being celebrated. For the consumer there is
a choice, they can choose when to eat, and this will impact on the price they pay. For example, the 8 ounce steak may be one price at lunchtime and
then double the price in the evening; the same may be true of the chicken. There will be many influences on the way in which the consumer will choose to
spend their money. If the lunchtime menu is the same and the only difference is the price then the decision will not be influenced by the actual food that
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