Your family owns a small sandwich shop called Healthy Hearty Sandwich that mainly caters to local residents in Glendale. As of late, your parents are concerned that business has been slow due to the economic downturn. Your father suggests that you increase the price of sandwiches so you can earn more profit for every sandwich you sell, but your mom is worried that this is going to lose too many customers. She reminds the family that last time you raised the price by 10%, half the people went to your competitors’ store My Sandwich Is Better Than Yours. Your sister wonders if there is anything that can be done to attract more customers other than through a price cut. Your brother remembers that you are currently taking microeconomics and asks if you can share some insight to what the family can do. What economic wisdom will you share with your family? Keep in mind that no one in the family has formally taken an economics class before, which means you should try to avoid too much economic jargon or technicalities. Keep your response to no more than one and no less than half a page.
Your family owns a small sandwich shop called Healthy Hearty Sandwich that mainly caters to
local residents in Glendale. As of late, your parents are concerned that business has been slow
due to the economic downturn. Your father suggests that you increase the
so you can earn more profit for every sandwich you sell, but your mom is worried that this is
going to lose too many customers. She reminds the family that last time you raised the price by
10%, half the people went to your competitors’ store My Sandwich Is Better Than Yours. Your
sister wonders if there is anything that can be done to attract more customers other than through
a price cut. Your brother remembers that you are currently taking
you can share some insight to what the family can do. What economic wisdom will you share
with your family? Keep in mind that no one in the family has formally taken an economics class
before, which means you should try to avoid too much economic jargon or technicalities. Keep
your response to no more than one and no less than half a page.
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