Economic Concepts Relating To KFC

KFC
The following are the 5 economic concepts involved in the KFC.
1.Demand
2.People Respond to Incentives
3.Ordinal Utility
4.Consumer Surplus
5.Opportunity Cost

1.DEMAND
The price of a chicken rate is decreasing then the quantity demand is increasing then the demand of KFC is increasing

2.People Respond to Incentives
KFC offering huge discounts, coupons, cashback offers,movie vouchers and flight offers to attract the customers

3.Ordinal Utility
It states that the satisfaction which a consumer derives from the consumption of services
Example: qualitaitive (feedback of customers , satisfied or not satisfied, good or bad).

4.Consumer Surplus
Difference between the price consumer is willing to pay and consumer actually pays.
My willing to pay is      700
Offers(paytm,vouchers) 300
Consumer surplus        - 400

5.Opportunity Cost
Compare to the other restaurants it is charging some what high than the other but at the same time it is providing many more dishes than the others providing, so here is the opportunity cost arises.