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Kathy's Chat & Chew

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Submitted By Nikhol
Words 980
Pages 4
Kathy's Chat & Chew
Nikhol L. Robinson
ECO/561
September 27, 2012
Robert Bailey

Kathy's Chat & Chew
The purpose of this assignment is to describe a service business proposal. A description regarding how the soul food restaurant that will be known as Kathy’s Chat & Chew can open in north Tulsa sustain and make a profit. This paper includes assumptions about the elasticity of demand and the market structure of the good and service. Increasing revenue, determining the profit –maximizing quantity, product differentiation, and minimizing costs are topics discussed in the paper. The paper starts with a description of Kathy’s Chat & Chew.
Kathy’s Chat & Chew located in the heart of north Tulsa ideally on Peoria between Pine and Apache aspires to serve the tastiest soul food, using locally grown products served in an inviting and exciting family atmosphere. Kathy’s Chat & Chew will offer exceptional food and service at a low price. The restaurant will have a maximum occupancy of 60. The restaurant serves alcohol and on random nights there may be local entertainment featured.
The restaurant will enter the market in the monopolistic competition model. The company has many competitors competing for a share of the market. Kathy’s Chat & Chew will be competing against the other restaurants in town. The barriers of entry in this market would include money, licenses, permits, even real estate, or just finding a good location. The cost to enter or exit this market is low. Consumers in the area have an abundant assortment of eating establishments to choose from. In this market structure the restaurant has some control over the price but must keep prices competitive to compete with other restaurants with the same product mix. Veering too far from the market price would be detrimental to a new company. Price set too high will lower demand. If the price is set too low

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