Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer the following questions. My fast food chains I have chosen for question #1 are Chic fit A and in n out. Thank you
Please answer the following questions. My fast food chains I have chosen for question #1 are Chic fit A and in n out. Thank you in advance.
- The fast food industry is extremely competitive and in some cases close to perfect competition. Identify 2 fast food chains which you feel have almost identical products and pricing and identify the almost identical products that they both sell.
- Of the 2 that you identified, explain a strategy that one or the other has used in an attempt to gain more control of its respective market and a strategy that you think would work better.
- Explain in detail how you think trademarks and patents go against the idea of perfect competition.
- Now explain whether you feel that trademarks and patents are examples of unfair competition or are necessary for technological and social advancement.
- Assume that you've owned and operated a very successful elite seafood restaurant in a rather small strip mall for several years. A Red Lobster chain seafood restaurant is just about to open across the street from you in another strip mall. Explain how this may affect your total revenue, marginal revenue, marginal cost, and total cost. In other words what, if any, changes would you have to make to what, how, and how much you produce to remain competitive.
- Delta Airlines advertised a special on air travel from Miami to Denver. The price for round trip airfare was $178. If the average total cost to fly passengers to and from Denver is $250, how does this offer provide any benefit to Delta? How does Delta's opportunity cost of an empty seat change as the date of the flight approaches?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started