McDonalds
1.)Demand:
the quantity of demand of chicken burger increases when the price of the chicken burger decreases then the demand of the McDonalds increases.
2.)Ordinal utility:
it determines that by consumption of product or services derives the satisfaction of the consumer. it can be calculated by taking feedback from the consumers.
3.)Peoples response about incentives:
McDonals will attract the customers by giving big discounts,cashback offers,coupons and flight &movie tickets.
4.)Opportunity cost:
when we make comparison with other restaurants McDonalds is providing similar products but with high price but with different types than any other restaurants so here comes the opportunity cost.
5.)Consumer surplus:
the differentiation between the consumer price which he or she willing to pay in their mind,able to pay for that product and consumer really pays for that product to the seller.
1.)Demand:
the quantity of demand of chicken burger increases when the price of the chicken burger decreases then the demand of the McDonalds increases.
2.)Ordinal utility:
it determines that by consumption of product or services derives the satisfaction of the consumer. it can be calculated by taking feedback from the consumers.
3.)Peoples response about incentives:
McDonals will attract the customers by giving big discounts,cashback offers,coupons and flight &movie tickets.
4.)Opportunity cost:
when we make comparison with other restaurants McDonalds is providing similar products but with high price but with different types than any other restaurants so here comes the opportunity cost.
5.)Consumer surplus:
the differentiation between the consumer price which he or she willing to pay in their mind,able to pay for that product and consumer really pays for that product to the seller.
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