Prom+Project

PROM PROJECT



**UPDATE: Project Template and Directions Attached below**


Overview: Economists collect a great amount of data to help them in their main goal which is predictions about future economic actions. In this project you are going to be looking at the costs associated with Prom from both a male and female perspective. You will be reading several articles that will give you a background of the Prom Costs in 2012 and how they have increased over 30% from 2012. A survey taken by VISA will give you an idea on what teens and families are spending across the country and in this project you will be creating your own survey to garner data to analyze and make predictions with.

Scenario: You have just been hired as an Economist for by a consortium of Prom related companies who want to know how they should tailor their advertising and begin brainstorm prices for Prom 2013. In this project you will create a survey using www.surveymonkey.com or a google form that you can circulate using online social networking sites. Your goal is to have a large amount of people take your survey and to gain information that you will use in your report to the consortium.

In your survey:
 * Break up questions by Gender (i.e. who paid for tickets male/female)
 * Ask about costs for the prom (i.e how much did you spend on __)
 * Alternative Choices (i.e. would you attend a prom held in the Gym)
 * 10 questions total (do some from each category or focus on one or two categories from above)
 * Should be taken by at least 50 people (preferably even numbers of males and females who are Jrs. or Seniors in High school can be from any school or broken down by school)

Report:
 * Make sure to read all of the articles below and cite them for purposes of comparison of data and to support your recommendations. Pay special attentions to the costs based on income level, alternative ideas, and costs in different areas of the country.
 * []
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 * [|http://moms.today.msnbc.msn.com/_news/2012/05/03/11505418-prom-flation-average-family-spends-more-than-1000-on-teen-dance?lit]
 * []

Report Continued:
 * In your report you should then give a brief summary of the major findings of your survey and the conclusions that you have made.
 * Finally you should come up with a list and descriptions of how the data could be used by companies in the consortium and then you should make a list of predictions with logical supporting details that predicts what will happen to the cost of the Prom in 2013, whom the companies should focus on marketing too, and what part of the country they should put their high end merchandise/low-end merchandise. Also answer the question, what type of business organization is at play - Do we have monopolies, small individual firms, what is the ease of entry and exit in this area of Prom Merchandise?, Should more business owners open Prom related shops or not?