Price Journal Homework Assignment Directions

Students, 

You are required to keep a price journal for homework that will be due at the beginning of week 16 in class. Purchase an inexpensive journal (can use Microsoft Word or Excel) to keep track of weekly prices of 20 different goods (such as fresh fruit and veggies or commodities such as oil or silver) or services (such as an oil change or a haircut) in the city where you live.

At the end of the semester, you should have tracked prices for 20 different goods or services for a total of 15 weeks. You will discuss your findings at the end of each week noting any drastic changes in prices, and possible reasons why prices changed including the mention of the five supply and demand factors learned in class.

 In addition, you are expected to calculate the average price for each of the 20 different goods or services you tracked at the end of the semester before you turn in the homework assignment.  

Note: For interesting results, I suggest tracking the price of a good at two different stores or using two different websites such as Amazon and Walmart.

For example, you could track the price of regular unleaded fuel per gallon at RaceTrac and Wawa to see any price differences. In addition, you could track the prices of substitute goods such as Chicken and Beef per pound, or Olive Oil vs. Canola Oil. You could also track various commodities such as gold, silver, copper, wheat, corn, soybeans etc. 

For example: 

NOTE: Must include tracking day of week, calendar date, address of each store location and full website URL if using a website rather than an actual store location. If tracking fruit or veggies please state country of origin, brand, and organic vs. non-organic which can all impact the price. If tracking the price of commodities, please include the units of measurement. For example, per troy oz. 

Week 1 Wednesday, August 21st, 2019 (Try to track prices on the same day each week for consistency.) 

1.) Northridge Publix off Clark Rd in Sarasota-Tropicana Orange juice-$2.99 for a half gallon. 

2.) Tires Plus off University Ave in Sarasota- Oil Change-$29.99. 

3.) RaceTrac Gas Station located on the corner of U.S. 41 and 57 St. in Bradenton-$2.29 per gallon of regular unleaded gasoline. 

 

Week 2 Note: Include date and address of each store location.

Wednesday, August 28th, 2019 (Try to track prices on the same day each week for consistency.) 

1. ) Northridge Publix off Clark Rd in Sarasota-Tropicana Orange juice-$2.99 for a half gallon, but Publix is offering a BOGO deal. 

2.) Tires Plus off University Ave in Sarasota- Oil Change- price decreased to $19.99, offering a special this week. 

3.) RaceTrac Gas Station located on the corner of U.S. 41 and 57 St. in Bradenton-$2.26 per gallon of regular unleaded gasoline, price decreased this week by a few cents.