F.26

Explain the theory of supply and demand by diagramming a hospitality or tourism business in the local or regional area, using reliable resources such as the Tennessee Department of Tourist Development and Tennessee Department of Economic and Community Development. Use the price listed for a specific service (i.e., room rates, park tickets, etc.) at the time of the assignment as the equilibrium price; show the impact on price due to an increase (peak season) or decrease (off season) in demand or supply. Conceptualize and demonstrate the manipulation of the pricebased on local events.