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Economics business project
Transcript of Economics business project
-By Chandler Higa The Mobile Musician Mission Statement With the Mobile Musician, you can get the music lessons without having to go to your lesson. The Mobile Musician brings the knowledge you want to your home, so don't have to go anywhere. We serve the southeast Atlanta area. The business structure The Mobile Musician is planned to be a sole proprietorship, because it would be very easy to set up, since it would only be a small business. Also, there wouldn't be as many regulations to follow, such as workman's compensation. In addition to that, I would keep all profits made in the business, and I would have total control over decision making for the business. However, that would mean that I would have no second opinion, and could always possibly make a bad decision. In addition, I would assume all debts as head of the company, and I wouldn't have anyone else to help pay any loans off. The factors of production to be dealt with Land- Area that I service, in this case, Southeast Atlanta- Minimal spending required since I will work through the internet and home
Labor- Only me, since I am running a sole proprietorship- $75 to pay for business license
Capital- Tools needed to have business running smoothly, in this case, a car to get places, gas to run the car, a guitar and an amp to give lessons, and advertisements Cost of Capital Guitar- $299.99
Advertisements- $1500 initial payment, 10% of profits from there forward Market Structure The market structure I will face upon entry of my business is a monopolistic competition, since there are three other music centers in the southeast Atlanta area that each operate seperately at different costs and each individualy advertise. The competition I will face are Firehouse Guitars, Music Lessons on McDonough Ave. and Guitar center. However, I think I will have an advantage since my business brings lessons to the customer rather than vice versa The supply curve shifts Above is shown a supply curve. The shifts in the curve represent things that could affect the supply of lessons given, as these are non-price related. For example, the shift to the right means that I could have supplied more lessons, while the shift to the left means that I have supplied less lessons. For example, if on a specific day, I get calls from customers who are convieniently located fairly close to where I live, I will be able to serve them all in less time because it would take less travel time. However, since the shift to the left means that I supplied less customers, so if my car broke down, I wouldn't be able to reach as many customers and therefore they would not recieve their lessons. The Demand curve shifts Shown above is the demand curve and its shifts. Like the supply curve, both line shifts are non-price related, meaning that the factors that shift the line left or right do not have to do with price, but other factors. For example, if there were a study published in AJC saying that playing the guitar makes you 10x more awesome, then many people would want to take guitar lessons, and in turn making the demand curve shift outward. Or, if a study was published saying that rock is dead, and the new popular thing was bad music (which hopefully will never happen) then not as many people would want to learn to play the guitar, and cause the line to shift inward