Many people ask about the best approach to the Young Entrepreneurs Marketplace when it comes to price and quantity of goods. Below is an example of a simple equation, that can help guide you to the best answer. In the end, it is important that you consider what kind of profit is desired at the end of the marketplace and use the equation to help you reach your goal.
Other Price/Quantity Factors: Consider the competition. How many other tables are selling similar goods? What are their prices? Are mine more or less? Why?
You many also want to consider working the equation a number of different ways. During the Marketplace you may choose to either lower or raise the price due to products selling too quickly or too slowly. Knowing how a change in price will affect your profits beforehand will allow you more flexibility.