ECONOMIC CONCEPTS RELATED TO KFC

KFC

UTILITY -:
KFC is related to utility. It has the ability to satisfy the wants of the consumer .

LAW OF DEMAND -:
KFC is related  to law  of demand and income goods and substitution effect . and KFC food now a days are  getting decline in local market  and substitutionability also increased .

SUPPLY OF DEMAND -:
 
KFC is also related to SUPPLY of DEMAND  . The SUPPLY Of KFC is higher than the demand in the market .

PRICE ELASTICITY DEMAND  -:

As we know the price elasticity of DEMAND is a unit free quantity of demanded  to change in its price and also price decreases the total revenue .

MARGINAL UTILITY -:

MARGINAL UTILITY  is the satisfaction  a consumer gains for consuming extra unit of goods and services.  With each extra units of food item consumed in KFC the marginal utility derived by the consumer increases .