Project 1 – Microeconomic Analysis

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Project 1 – Microeconomic Analysis
Donald Cole
ECON545 – Business Economics
Date: September 18, 2014

Situation C The situation that I personally thought would correspond with today economy would be situation C. Situation C basically states that Edgar has a business idea of buying two gas stations for profit situations. Edgar is asking for advice on buying these two gas stations before taking action on his business idea. Hopefully, by the end of this documentation, I would give Edgar enough information to decide on what to accomplish on his business idea. My research is going to consist of the demand and supply of gasoline. It’s going to consist of the comparison between the prices in the different countries and possible states. I will also have graphs to show all the different factors that would help Edgar situation on his business idea. The first situation that I see is that you’re buying two gas stations that don’t have a start of plan like a name for the gas station. You also don’t have a general location to put the two gas stations. Do you even know what type of gasoline are you planning on selling to the customers? Those are some things that need to go into a detail plan before you just jump right out in the midst of buying a gas station. Let’s start with the basic information of a particular name for the company. Some of the popular gas stations that is used in the United States are BP, Citgo, Chevron, Marathon, Phillips 66, and more (Gas Stations, 2014). With that being said, let’s look at the location part of where you’re planning on putting the business. The question that you need to ask yourself is that do you want to put the gasoline in a rural type community or an urban type community. Personally, I would want to go with the urban type of community based on the fact that the population is far more than the rural community…...

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