Preferences and Production Description

I have attached the paper you completed for reference.  This is an ongoing project for the next couple weeks. 

Need to continue the development of the market by describing consumer preferences and how producers address these needs.  This assignment requires 3-4 pages.

Shoes for Women With Big Feet (Topic)

Preferences and Production
Describe in detail the characteristics of the consumers in the market.
What does demand look like in your market?
Is this demand elastic or inelastic? Why?
Are there obvious substitute goods or services available?
Is there a decreasing marginal utility of consumption? Explain.

Do your best to describe the utility function for a typical consumer of your particular product or service. Justify the functional form youve chosen. Here’s a good explanation of utility function (Links to an external site.) to help you; here’s another (Links to an external site.). You can be creative here, but do put some research into this step. Really think about your product/service and the “satisfaction” that consumers receive from it over time.

If your market has producers:
Describe the production process in detail for your product or service. Are there high fixed costs? Are there high variable costs? What are the production inputs?
In general (non-mathematical) terms, describe the production function. Then, relate this explanation to your specific product or service. You can use your textbook, and/or this resource (Links to an external site.) to help you.

If your market involves only buyers and sellers (e.g., the FCC spectrum auction or the residential housing market), describe (as precisely as possible) the rules of the market.