Mrs. Acres Pies

In: Business and Management

Submitted By lolastarr
Words 1354
Pages 6
Mrs. Acres / Strayer 1

Economics of Mrs. Acres Pies Monopolistic Competition Bus 508

Mrs. Acres / Strayer 2

Economics of Mrs. Acres Pies / Strayer University – Monopolistic Competition

Introduction

The first part of this paper will discuss both the short and long term effects of

supply and demand as well as pricing, on Mrs. Acres Homemade Pies. The second part

will review the factors of production for Strayer University which operates in an industry

that is classified as monopolistic. Mrs. Acres Homemade Pies holds a coveted position in

today’s economic climate. It is experiencing tremendous sales growth and has the

opportunity to create additional jobs. The company is facing a number of difficult

decisions as it tries to meet the high demand for its product.

Short Term Outlook

The first scenario will look at the short term effects on her business if she decides to

maintain current production and raise prices. It is assumed all other things are equal.

According to the law of demand, there is an inverse relationship between a product’s

price and the quantity demanded of that product (McConnell; Brue, 2009). It is initially

appealing for her to raise the price of each pie and receive a higher profit per unit sold;

however, she will see that demand will decrease. When a business experiences a

shortage, quantity demanded by consumers exceeds the quantity supplied (McConnell;

Brue, 2009). According to economic concepts, a change in price along the supply curve

will create a change in the quantity supplied. Mrs. Acres will gladly…...

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