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Essay / Research Paper Abstract
This 3 page paper looks at several economic concepts; opportunity cost, marginal cost and marginal benefit, the spillover effect and the reality principle. Each of these concepts are applied to the fast food industry. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEfastfdep.rtf
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Unformatted sample text from the term paper:
The concept of opportunity cost looks at the way in which any course of action may be undertaken at the cost of another as no
firm has unlimited resources. For example, if cost to the company may choose to market a particular item, the opportunity cost of the sales which were lost as a result
of failing to market a different product (Nellis and Parker, 2006). Therefore, when the firm is determining the marketing strategies it is likely they wish to market the products of
a field would be able to increase revenue to the greatest extent. For example, it may be deemed that advertising in front of the restaurant, without advertising specific products may
be most advantageous. Alternatively, the decision may be made to advertise goods where it is believed purchase of one product will lead to the purchase of others, for example McDonalds
may advertise Big Macs knowing that it is likely an individual coming in to purchase a Big Mac may also purchase fries and a drink. However, the advertisement of an
ice cream is likely to appeal to different needs, unless likely to lead to a company to purchase, which means that advertising ice cream may have a high opportunity cost.
When considering the marginal principle the way in which different products are designed and then sold may be considered. It is costs will that variations on a single product may
have only a marginal cost, but may increase revenue significantly so are worth undertaking. For example, Burger King advertises that they will make burgers "your way". This means that customers
can the corporations the birth of their ordering in a company will prepare it. The marginal cost of providing the service is minimal, but the potential competitive advantage from the
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