Market survey Essay

I. AbstractAs you can see, our AIS High School campus has a small trainer store at the lobby. This store is managed by students and they apportion foods and drinks that canteen doesnt have. The cost of the products there range from 500 to 24000VND. However, these impairments atomic number 18 made up by the students without any logical reason. That is why we do this marting valuate project in order to help the students government make right decisions about products and pricing in the student store. In this project, we apply the core concepts related to convey (Demand Schedule, Demand Curve, Elasticity of implore) to gain accurate results. We hope that this project volition not only help the students store to generate the best profit just now pave way for students to experience how entrepreneurs use the lessons in making decisions and learn how to cooperate well in a group.II. MethodologyIn this project, we recognize Panda cookies as the main product for the survey. We are i nterested in the relation between price and criterion of contend in market places. Well use price to estimate the sum of money of lead throughout the survey of the panda cookies. According to statistic, we have to start checking out conditions whether they are convenient or not before doing any calculation. Our population is all students at AIS and the population size is 40 students. The population size is less than 10% of all males and females students at AIS. We carried out the survey through the following steps Firstly, we assigned each student in AIS High School a different ID number. Secondly, we apply graphing calculator to randomly pick 10 students (5 males and 5 females) for each grade from 9 to 12. Then, we surveyed them independently and recorded the answers down.The question that we used is For every price point below, how many software packages of Panda cookies would you buy per hebdomad? We listed out prices from 6000VND to 10000VND and measurement of demand f rom none to to a greater extent than five.* Calculation and Graphso Interpreting the graph As you can see in the demand curve above, it shows negative linear relationship which corresponds that the lower the price, the more quantity of demand will be. There are no scatter throughout, no shape, no bent and no extrapolation. An R2 of 96.72% indicates that 96.72% of the variation in level best price can be accounted for by the variation in the quantity of demand in the market places.o Calculation We have a mean of price (is 8000 and standard deviation (Sy) of price is -1581.14 a mean of demand ( is 107.6 and a standard deviation (Sx) of demand is 37.4606. We have a correlation is 0.98 which means the relationship between prices and the quantity of demands is strong.o angle b1 = = = -41.363By looking at the slope, you can know that when quantity of demand increases by 1 quantity, price will increase -41.363vnd.o interpose b0 = b1 = 8000 + 41.363 = 8041.36The y intercept tells you that whenever the quantity of demand equals 0, the estimated price will be 8041.36. Finally, we have the regression equation for the price as the quantity of demand increases or decreases. People can use the equation to estimate the price in the future.= -41.363x + 8048.36III. ConclusionsIf we look at the result, we can see that the price affects the quantity of demand a lot and thus plays an important part in making profit. Since one of the purpose of this project is to make the most profit, we see to use the demand schedule to estimate at which price will bring out best profit. After calculating, we realize that at 7000VND with quantity of demand at 140 makes 980000VND which is the most out of all price points. So we decide to choose price around 7000VND for each packet of Panda cookies.