Market basket of goods, Make a list of the 50 products you

Market basket of goods

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Reference no: EM132243410

Make a list of the 50 products you think this household would purchase most frequently (This is called the “Market Basket” of goods). Keep in mind your household makeup…do they buy diapers? Dog food? These should include food items, personal care items, auto products & gasoline, etc. Do NOT include anything you pay from a bill (ie, do not include utilities, credit cards, doctor bills, car payments) or your mortgage/rent. You MUST include gasoline.

Now determine the quantity of each of these items that this household would purchase in an average month. You must nail down specific QUANTITIES, so it’s not sufficient to say “$75 dollars worth of gasoline” and “1 package of chicken breasts;” Rather, you must identify “20 gallons of gasoline” and “4 pounds of chicken breasts.” Obviously, these will be ‘best guestimates’ of all of these products. You can nail down monthly quantities after you have identified prices, and after you have finished you “typical household” research.

Reference no: EM132243410

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