The Importance Of My Own Ice Campusades

The majority of us have dreams and expectations in life. Some desire a stable job, others a happy family, while others love to travel. My dream is, one day to become an entrepreneur. Mark Twain inspired me very much when he said “Twenty years from now, you will be more disappointed by the things that you did not do than by the ones you did do, so throw off the bowlines, sail away from safe harbor, catch the trade winds in your sails. Explore, dream, discover.” That is exactly what I have been doing for the past month of July. At my university, I have been given the opportunity to open my own ice cream shop, which I have named “Ice Campusades”. I love both, ice cream and doing business so I am very excited about what I have learned so far. Specially because I have been able to apply my economic skills and everything I have learned in class about …show more content…
Keeping this in mind I marked an ice cream cone at a low price of $1.50 each and I offered the best quality possible. I noticed that there were days when ice cream remained unsold. However, there were other days where there were not enough ice creams for the numbers of customers. Why did the ice cream sales fluctuate in this manner? To understand it, I took a look at the relationship between price and quantity demanded.
The law of demand states that, if all other factors remain equal, the higher the price, the less people will demand a good. In other words, the higher the price, the lower the quantity demanded. The amount customers buy at a higher price is less because, as the price of a good goes up, so does the opportunity cost of buying that good. The demand curve shows the relationship between price and quantity demanded; therefore, the demand curve is a downward slope. The higher the price the less the quantity demanded, and the lower the price, the more quantity will be