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Trendy French Restaurant & Chrysler Corporation

Question

1. A trendy French restaurant is one of the first businesses to open in a small corner of a commercial building still under construction. The restaurant has received rave reviews and has lines of diners waiting for tables most nights. 

a. In the short run (next few months), what measures should the restaurant take to maximize its profits? Explain. 

b. In the long run (next six months and beyond), how can it maximize its profits? (Assume that the impressive state of demand is permanent). 

Complete this essay in a Microsoft Word document, with a minimum of 300 words, APA formatted

2. In recent years, Chrysler Corporation initiated three-shift or nearly continuous (21-hours-per-day) production at a number of its plants. Explain why Chrysler’s decision might have been prompted by movements in its wage costs or capital costs, or both. Why would Chrysler have instituted this production change for its most popular (and profitable) vehicles, its minivans and Jeep Cherokee? What risks might such a plan pose? 

Complete this essay in a Microsoft Word document, with a minimum of 300 words, APA formatted

Solution

Title: Trendy French Restaurant & Chrysler Corporation
Length: 9 pages (1900 Words)
Style: APA

Preview

Short run revenue maximization

 The trendy French restaurant is a newly established business in a certain commercial building. It can consider doing certain things in order to maximize revenue in the short run. Since it is the only restaurant in that area it must be receiving a lot of customers raising the demand for their products and services. Structures should be put in place to tap this high demand before there is entry of other businesses in the same industry. 

One of the things they should consider doing has to do with the pricing policy. In this regard, the price set should be relatively high because of the perceived high demand. The price should be set such that maximize revenue. This, however, should be within the limits that the high price set will not lead to a decline in demand.

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