MATH 1500 Small Business Exploration Winter 2016

MATH 1500 Small Business Exploration Winter 2016

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DUE April 7th, 2016, AT THE BEGINNING OF CLASS

This project can be worth up to a maximum of 10 points. You will be graded on the following criteria:
Research/data 1 points
Correct Functions 2 points
Graphs/charts 1 point
Predictions 2 points
Calculations 2 points
Professionalism 1 point
Creativity 1 points
To receive a full 50 points, you will need to do everything very well, and even go above the minimum requirements.

You must write a short paper clearly describing your business that includes the following minimum requirements:
1. Research/Data:
a. What are you selling (be specific)
b. To whom are you trying to sell (market)
i. Marketing strategy (advertisements?)
ii. Geography
iii. Demographics
c. Supplies needed and how you will get them
d. When will you do this?
i. Summer job?
ii. Full-time?
iii. Part-time?
iv. Weekends/evenings?

2. Correct Functions:
a. You must ask at least 20 people (we can ask the class if you’d like) to determine a demand function
i. This will determine a percentage, which you must use to predict a demand function from your actual market.
ii. Make several reasonable predictions using this function

b. You must determine a supply function
i. This can be subjective to your limitations in time, effort, resources, etc Explain why this function is reasonable. This is likely the most difficult step and will be graded with flexibility
ii. If you have a definite supply function (from materials), use it.
iii. Use this function to make several reasonable predictions

c. You must create a cost function
i. Clearly list all costs, both fixed and variable
ii. Interpret the slope and y-intercept
iii. Make several reasonable predictions using your cost function

d. You must create a revenue function
i. Explain how you determined this
ii. Make several reasonable predictions using your revenue function

e. Determine the break-even point: interpret this point

f. You must create a profit function
i. What is the domain of this function? (explain any restrictions)
ii. Make several reasonable predictions using your profit function

3. Graphs/Charts: Include all relevant graphs and charts.

a. Supply and Demand
i. Graph both on the same axes
ii. Determine the equilibrium point – explain why this is significant
iii. State your cost, revenue, and profit at this point
iv. Evaluate your supply and demand when raising AND lowering the equilibrium point.

b. Cost and Revenue
i. Graph both on the same axes
ii. Include the break-even point

4. Predictions
a. State all predictions from your cost, revenue, profit, supply, and demand functions
i. For example: What will happen to your profit when you increase and decrease the price of your item from the equilibrium price.
5. Calculations
a. Include your formulas and state all variables

6. Professionalism
a. Use proper spelling, grammar, punctuation, and appropriate sentence structure

7. Creativity
a. You may use Microsoft Office (or some similar program) to copy, paste, and design your paper.

NOTE: Late projects will receive a deduction of 50% for each day after the due date.

NOTE: You do not need me to approve your project before you get started.

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