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Analyzing Elasticity Course Project
Analyzing Elasticity Course Project
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Analyzing Elasticity Course Project
Background Information
Antonio’s Mexican Restaurant operates a regional chain of 55 Mexican-American fast-food shops in the Midwestern United States. Their business model centers on prepared food that is sold ala-carte to customers. The shops have a small dining area, enough to accommodate 12 customers.
However, the success of the shops has always been in their ability to quickly fulfill prepaid online and app-driven orders at a separate “drive-up/grab and go” location at the shops. The process results in orders consistently fulfilled in less than 30 seconds, with no onsite payments to slow down the line.
The COVID-19 pandemic of 2020 forced the closure of all 55 of the shops’ indoor dining areas. Such an event would have shaken the very foundation of most restaurants of this type, but Antonio’s experience with “grab and go” gave the company a competitive edge as the pandemic unfolded.
During the second quarter of 2020, sales were 30% higher than the same quarter of 2019. In response to the increased demand, Antonio’s added a second drive-up window to all of its shops with a very aggressive third-quarter construction program. Sales continued to climb through the remainder of 2020 and through the first quarter of 2021.
Antonio’s Mexican Restaurant operates a regional chain of 55 Mexican-American fast-food shops in the Midwestern United States. Their business model centers on prepared food that is sold ala-carte to customers. The shops have a small dining area, enough to accommodate 12 customers.
However, the success of the shops has always been in their ability to quickly fulfill prepaid online and app-driven orders at a separate “drive-up/grab and go” location at the shops. The process results in orders consistently fulfilled in less than 30 seconds, with no onsite payments to slow down the line.
The COVID-19 pandemic of 2020 forced the closure of all 55 of the shops’ indoor dining areas. Such an event would have shaken the very foundation of most restaurants of this type, but Antonio’s experience with “grab and go” gave the company a competitive edge as the pandemic unfolded.
During the second quarter of 2020, sales were 30% higher than the same quarter of 2019. In response to the increased demand, Antonio’s added a second drive-up window to all of its shops with a very aggressive third-quarter construction program. Sales continued to climb through the remainder of 2020 and through the first quarter of 2021.
Instructions
In your textbook, Economics for Managers, review:
Chapter 2, “Demand, Supply and Equilibrium Prices”
Chapter 3, “Demand Elasticities”
Review the media: Changes in Supply and Demand
Antonio’s is struggling to try to keep up with demand for its regionally popular tacos, burritos, and Southwestern salads. They have hired you as an economic consultant to assist them with some important pricing issues facing the firm’s 55 restaurants. Their questions are the following:
We are perplexed with the outcome of certain price changes at our restaurants. Prior to the pandemic, we sold our Mexican combo, consisting of one beef or chicken taco, one beef or chicken burrito, and one small cup of refried beans for $5.95. At that time, our average shop was selling 600 Mexican combos each week.
Once the pandemic hit, our commodity inputs rose in price as did the cost of our labor. We hesitantly raised the price to $6.95, anticipating a major reduction in the weekly quantity of demand. To our amazement, average sales per store only declined by 15 combos per week. Please calculate the coefficient of price elasticity of the combo meal using the Midpoints Formula.
As a budding economist, what can you conclude about the price elasticity of our combo meals? Did our combo meals prove to be elastic or inelastic in nature? Explain.
Senior management has directed shop managers to listen very closely to customers as it relates to this and other price changes at the shop. Without exception, our customers enjoy our products so much, they often state that even after the increase, “they would purchase the combo meals at one dollar more, without hesitation.”
What does this information infer to you relative to the “pricing power” we have with our combo meals? What does this infer in terms of the combo’s “consumer surplus?”
management is stunned by their consumers’ lack of price responsiveness to the combo meals. Understanding that our reduction in sales has been minimal, and the fact that consumers continue to speak so highly of the combo meals, does this suggest that Antonio’s might consider another price increase to the $7.25 to $7.75 range? Explain your rationale for your conclusion on future pricing.
Complete the case study by addressing each of the four questions and posting your analysis with a Word or similar file. Show all work on the calculations.
Change in Supply and Demand –
https://media.pearsoncmg.com/pls/products/coco/intro_economics_ap/1256910732/presentations/bu_ie_03_splash.html?fromLms=true
Analyzing Elasticity Course Project
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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