Day 9 Assignment

Complete the following items to complete the assignment.

  1. On your Advance Business website create a page titled "Analyzing Wants and Needs" Be sure to include title and date last updated.
  2. On your "Analyzing Wants and Needs" page answer the following questions create a table like the one below and then for each business mark an X in each of the column that applies to it. Underneath the table write 1 sentence for each business about why you put an X where you did. (Look at "Restaurant" as an example that I have completed for you)
     
    Business Good Service Want Need Public Private
    Restaurant

    X

    X

     

    X

     

    X
    Grocery Store            
    Post Office            
    Barber Shop            
    Clothing Store            
    State College            
    Bus Company            
    Book Store            
    Movie Theater            
    Electric Company            

            A) Restaurant: A restaurant sells food, which is a good, but also cooks it and serves it to you so that is a service it provides. Because it sells food it is a need, and because the restaurant is not a government run business it is a private need.

      3.After you have completed the table read this article and answer the following questions on the bottom of your page. Insert a horizontal line in between your table answers and the article answers.

ARTICLE:

    Bill Tyrell spent a decade touring the world as a keyboard player in various bands, covering musical styles as diverse as techno, R&B, country, and jazz. When he grew tired of the road, he decided to use his eclectic musical experience and his skill with recording technology to open up a recording studio in his hometown of Austin, Tex.
    There were already several studios in town, but all of them used older, outdated equipment to record. Tyrell's idea was to build the first completely digital studio in Austin. The start-up costs of the new technology would be more, but the maintenance would be less expensive. If he got enough business, he could afford to charge 20 percent less than the other studios and still make a profit.
    Tyrell found a centrally located building, with good wiring that could handle his power needs. He took out a loan to pay for the equipment he needed: a state of the art computer, a mixing board, an audio tape machine, 20 microphones, miles of cable, a comfortable sofa, and an industrial sized coffee machine. When he finally opened the studio, a well-known local  rapper, MC Overdrive, booked the place for two weeks to cut a demo.
    Business  trickled in for the next eight months. It turned out that many local bands were either loyal to the other studios or just unsure about keeping up with the technology. Tyrell found out that it was a challenge to stay out of debt. Small hidden costs were growing and threatening his enterprise. Then he got a call from MC Overdrive, who recently signed a major-label deal, due in part to the quality of the demo that Tyrell recorded for him. MC wanted to return to the studio to record his debut album. the record company liked the idea, and Tyrell was offered five times his usual fee for the use of his facilities for two months. Needless to say, he accepted the offer.

QUESTIONS: Answer these questions in complete sentences

  1. Does Tyrell's Studio provide a good or a service?
  2. What did Tyrell's studio have that his competition didn't?
  3. If Tyrell's normal fee is $200 per day, what do the other studios charge?
  4. What are five resources that Tyrell used in creating his studio?
  5. If Tyrell's normal fee is $200 per day and his operating costs are $100 per day, how much profit will he make per day by recording MC Overdrive's Debut album?

    4. Add a link to your homepage that goes to the "Analyzing Wants and Needs" page. Link can be made any way that you would like.

Congratulations, you are finished with today's assignment.