Supply and Demand: Mark Byrd

Supply and Demand: Mark Byrd
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Storyboard Text

  • Phil and Bob are competitors in the latest Iphone market.
  • Phil's Phones
  • Bob's Electronics
  • Phil has started his Iphone's price at $200, while Bob is charging $250 for his Iphones. Due to the popularity of the phones, they are flying off of the shelves at both stores.
  • Phil's Phones
  • Bob's Electronics
  • One the demand for the phones died down, Phil is still profiting off of his Iphone sales while Bob is barely selling any phones. Bob is stuck with a surplus of phones.
  • Phil's Phones
  • Bob's Electronics
  • Bob identifies his problem and has a sale. "Buy two Iphones for $300!" This brings the price of each phone down to $150. Phones are flying off of the shelves in Bob's Electronics. Phil's Phones are are still selling, but not at the same rate.
  • Phil's Phones
  • Bob's Electronics
  • In addition to the sale, Bob decides to pay for an advertisement to be plastered on a bilboard that is located on the interstate in his city.
  • Phil's Phones
  • Bob's Electronics
  • Bob's sales have skyrocketted. Bob's Electronics becomes the best electronics store in his city.
  • Phil's Phones
  • Bob's Electronics
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