Buy custom Products, Services and Prices for King Taco, Inc
Essay's paper info
| Topic: |
Business
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| Number of pages / Number of words: |
4 / 878 |
Essay's paper body
The demand for the taco dish is relatively inelastic which means that the price increase will result in a minimum change in the quantity demanded.
The price increased to achieve the 15% minimum profit will be 4% of the original price or $0.99 cents per taco which will lead to an increase in total economic profit of 17% ($56,360 - $65,960) maintaining the original quantity demanded (240,000 tacos sold) and increasing the quantity demanded by 4% (250,000 tacos sold) the total economic profit will be at 16%...
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"Depending on the kind of restaurant the demand could be perfectly elastic, relatively elastic or elastic since some consumers are highly responsive to prices changes." (McConnell & Brue, 2004). The King Taco situation is different since the taco dish is a typical Mexican food and no matter the price change as long as the increase is considered reasonable, customers will remain loyal to the restaurant and its food...
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General points of the essay
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