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.........Teacher calls on you to do it
Class. Today we learn about pricing. Seems like 2010 restaurants had to eat the cost increases for fear that a perfectly inelastic market did not exist......(sorry -- I was channeling Milton Friedman there.)
What that really means is that in 2011 consumers are actually used to seeing price increases for food. They see it at home so the idea of a price increase at the restaurants is not going to freak them out.
Think about it. You need to make sure that you raise your prices in 2011 or you are going to get squeezed and I bet you already feel the pressure.
Class Dismissed...........Let's go to the lunchroom...................Stay Tuned
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