The Auction You claim your candy Friday and pay monday Put your money where your mouth is! Jolly Ranchers - 1 piece 6 separate auctions Candy Bag– 1 candy.

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Presentation transcript:

The Auction You claim your candy Friday and pay monday Put your money where your mouth is! Jolly Ranchers - 1 piece 6 separate auctions Candy Bag– 1 candy bag: Only 1 auction

What determines prices?

What drove the prices? What was the going rate for a jolly rancher? What was the going rate for a candy bag? Why were jolly ranchers going for a low price? Why did the candy bag fetch such a high price?

Surplus When there is more than enough of something. HIGH Availability Did a surplus of jolly ranchers (more than one) effect the price?

Scarcity When there is not enough of something. LOW Availability Did scarcity of a regular size candy bar (only 1) affect the price?

A.K.A. for BOTH Supply How much there is of something. Supply influences price. Low Supply (Scarcity)= high price High Supply (Surplus) = low price

Examples What are 3 things with low supply? Things that you can buy? Does scarcity/low supply effect the price? What are 3 things with high supply? Things that you can buy? Does surplus/high supply effect the price?

What encourages people? (other than quality) Incentives Something that encourages someone to take action. Do your parents offer you any incentives?

What are they? Create a list of different incentives you have seen.

The situation... A company sells a product to stores for $50 The stores sells that product to you for $100 $50 profit to the store You are the store’s marketing executive. You must offer an incentive to people but still make a profit. (BOGO no worko!) You can bring in alternate items but you must list approximate purchase and selling prices. Create an advertisement for your incentive Write an explanation of your costs and profit on the back. Yep, do the math! Did you make money?