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sales (Canadian information I could not find)

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sales (Canadian information I could not find)

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1.KFC:4.2 billion U.S. dollars in 2016
2. Mc Donald: 28.11 billion U.S. dollars.
3. Wendy's: approximately 1.22 billion U.S. dollars in revenue in 2017.
4. Burger King: 1.22 billion U.S. dollars in revenue in 2017
5.Taco bell: 1.5 million U.S. dollars, down from 1.51 million in 2016.

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Comparison of Market Share in Canada vs. Competition examples

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Comparison of Market Share in Canada vs. Competition examples

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COMPANY NAME | TICKER | SEGMENT NAME | OF TOT. REV. | OF TOT. INC. | MARKET SHARE
Mcdonalds Corp | MCD | Total | 92.49 % | 88.77 % | 17.02 %
Darden Restaurants Inc | DRI | Total | - | - | 4.34 %
Starbucks Corp | SBUX | Total | 100 % | 100 % | 11.96 %
Wendys Co | WEN | Total | 100 % | 100 % | 1.2 %
Yum Brands Inc | YUM | Total | 100 % | 100 % | 7.53 %
Chipotle Mexican Grill Inc | CMG | Total | - | - | 3.13 %
Bab, Inc. | BABB | Total | 100 % | 100 % | 0 %

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Comparison of # of stores in Canada vs. Competition Examples(locations

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Comparison of # of stores in Canada vs. Competition Examples(locations

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MC Donald's( 2017): 1,458
(because there might not be a record in 2019 yet)
1.KFC has 600 locations in Canada(end of 2018)
2. Burger King has 7,406 in Canada in (2014)
3. Wendy's has 361 franchised Wendy's restaurants in operation in Canada in (2017).

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McDonald's is an industry leader in the fast food industry. Its key competitive advantages have included nutrition, convenience, affordability, innovation, quality, hygiene, and value added services. The success of the organization has been its ability to leverage its key strengths so that it can overcome weaknesses.

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1. Starbucks
2. Subway
3. Pizza hut
4. Taco Bell

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1. KFC
2. Burger King
3. Wendy's
4. Dairy Queen

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The 10 Most Popular McDonald's Menu Items of All Time

1. French Fries

2. Big Mac

3. Snack Wrap

4. Happy Meal

5. Egg MC Muffin

6. Baked Apple Pie

7. Chicken MC Nuggets

8. Premium Salads

9. Double Cheeseburger

10. MC Griddles Breakfast Sandwich

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McDonald's Competitive Strategy - Angela Amor - Term Paper - Business economics - Miscellaneous - Publish your bachelor's or master's thesis, dissertation, term paper or essay

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McDonald is classified as a monopolistic competition because in the fast food business there are many other competitors as well. For instance Wendy's also provide burgers and fries, but are slightly differentiated from McDonald.

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Oh, Mickey D's. Your incredibly delicious and amazingly priced menu items fuel French fry lovers across the world. If you aren't a lover of the almighty golden arches, then at least you can respect the success of the company. McDonald's sells more than 75 burgers every second, and has 62 million people visit their stores each day ( that's greater than the entire population of Italy). Based on business sources, we compiled a list of McDonald's most popular and successful menu items, and No. 1 is no surprise.

10. McGriddles Breakfast Sandwich

This breakfast sandwich, which combines the sweet of pancakes and the savory of a sausage, egg and cheese, was made in order to combine a classic American breakfast into a handy, drive-through-ready meal. This breakfast item was so successful that in its first 12 months of sale, it accounted for 40 percent of McDonald's sale-growth in stores.

9. Double Cheeseburger

Although this item is no longer on the dollar menu (it was replaced by the McDouble), this item remains close to the price of $1 and is well-worth the buck. This seemingly simple idea is a sales slam dunk as its simplicity and cheap price are a crowd favorite. My guy friend frequents this menu item by ordering FOUR doubles and stacking them atop each other... Pretty convinced he's responsible for most of Mickey D's sales with this one.

8. Premium Salads

HAHA. A salad on McDonald's most popular items of ALL TIME, you must be kidding. However, salads of days past, like the Bacon Ranch and the Southwest Salad, were definitely delicious and the real reason as to why this item made the top 10 lies directly in the name. McDonal's premium salads came at an equally premium price, which was more than double the cost of a Big Mac ( at around $4.20). So obviously, more money was made from those health nuts dragged to Mickey D's (likely unwillingly).

7. Chicken McNuggets

I'm honestly surprised the McNuggets aren't higher on this list, however, it wasn't until the late '70s that McNuggets were released on menus. Mickey D's was consistently known as the "burger place," however, they soon changed their image as these nuggets proved to be very popular. Now, McNuggets are responsible for nearly 10 percent of sales, making them No. 7 on this list.

6. Baked Apple Pie

These pockets of apple pie goodness are one of McDonald's signatures. When they were first released, these tasty treats were deep fried; however, as Mickey D's evolved, they had to change their health image and decided to bake the sinful treats. Some people are mad that these treats aren't the original OG recipe, however, evidently they are still successful at No. 6.

5. Egg McMuffin

This classic breakfast sandwich, served atop an English muffin, was McDonald's spin on the classic Eggs Benedict breakfast. The original recipe included Canadian bacon, egg, and cheese. These days you can get different meats, like zesty sausage. This classic menu item aids in the majority of breakfast sales, which account for 15 percent of McDonalds sales.

4. Happy Meal

After the huge success of the Egg McMuffin, McDonald's was formulating which item would be their next hit. At the time (the 1970s), kids' meals were an untapped market, so they devised the ever-so-popular Happy Meal. The box was simple at first - a hamburger and fries, with a simple toy on the side. Clearly this addition was a hit, as McDonald's has sold more than 3.6 billion of these circus-themed boxes since their reveal.

3. Snack Wrap

Like the McGriddle and McMuffin, the Snack Wrap was made with drive-thru customers in mind. This simple, yet yummy, menu item packs a punch with its white-breast chicken, cheddar jack cheese, lettuce, and ranch, all wrapped up in a nice, big flour tortilla.

Because McDonald's marketed this item as a "snack" food, the product sold big time. After all, who needs the excuse of a meal time to hit up Mickey D's? I'm down for whenever-call it a snack.

2. Big Mac

Nothing says McDonald's like the Big Mac. Arguably McDonald's most iconic menu item, the Big Mac was brought to life in the late '60s and was originally sold for just 45 cents. Nowadays, the price has risen to $3.99. This sandwich has been consumed over 550 million times in the US alone. Anyone else wondering how many cows that is?

1. French Fries

I knew it all along. The almighty french fries. The backbone of the American diet and reason I get out of bed on Saturday mornings (french fries are a breakfast food, right?). These bad boys are sold 9 million times A DAY at McDonald's everywhere, so according to my math, that's 3,285,000,000 piounds of fries annually. At that rate, McDonald's must be the potato farmer's holy grail.

There you have it: the top 10 reasons why McDonald's is as successful as they are. These foods dominate menus across the world and without these the success of McDonald's would not be possible. I don't know about you, but now I'm craving a #1 and a #2. Time to head to the almighty golden arches.

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The 10 Most Popular McDonald's Menu Items of All Time

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Oh, Mickey D's. Your incredibly delicious and amazingly priced menu items fuel French fry lovers across the world. If you aren't a lover of the almighty golden arches, then at least you can respect the success of the company.

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4. McDonald's Competitive Advantage - McDonald's Franchise Strategy

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needs additional citations for verification .improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (Learn how and when to remove this template message)

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KFC Canada poised for strong, continued growth through 2020

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Franchise Management Inc. acquires El-Rancho Food Services Limited VAUGHAN, ON, Feb. 27, 2018 /CNW/ - KFC Canada today announced that Franchise Management Inc. ...

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Mcdonalds Competition Market share by Company's Segment - CSIMarket

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Mcdonaldss' competitors and its Market Share by Total, Company Operated Restaurants, Franchised Restaurants segment - CSIMarket

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Wendy's: restaurants Canada 2017 | Statistic

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This statistic shows the number of Wendy's restaurants in Canada from 2011 to 2017, by mode of operation. There were 361 franchised Wendy's restaurants in operation in Canada in 2017.

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All Day Breakfast State of Mind | McDonald's Canada

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Did you know McDonald's first menu items were hot dogs, not hamburgers? Learn more about McDonald's history, ingredients, business processes and more in this list of 40 interesting McDonald's facts.

1. McDonald's is an American hamburger and the world's largest fast food restaurant chain.

2. The founder of the McDonald's is Ray Kroc.

3. McDonald's first originally sold hot dogs, not hamburgers.

4. A new McDonald's restaurant is opened in every 14.5 hours.

5. McDonald's restaurants feed 68 million people every day.

6. McDonald is also a world's largest supplier of toys.

7. McDonald's golden arches are more globally recognizable by people than the cross.

8. Near Buckingham Palace, the Queen of England owns a McDonald's restaurant.

9. McDonald's earn about US$75 million each day.

10. McDonald's has more than 36,000 restaurants in the World.

11. It takes the average McDonald's worker seven months to earn what a CEO makes in just an hour.

12. The top ten busiest McDonald's restaurants are all in Hong Kong.

13. McDonald's spends nearly about $1 billion per year on direct media advertising.

14. In India, there are 179 McDonald restaurants-a country where people do not eat beef.

15. Paris is the only place where the McDonald's arches are white instead of golden.

16. If you are living in the U.S, you are never more than 115 miles away from a McDonald's.

17. There's a McDonald's with turquoise arches in Sedona, Arizona.

18. McDonald's sells over 75 burgers every single second.

19. McDonald's buys approximately 54 million pounds of fresh apples a year.

20. McDonald's McWrap contains 121 ingredients, trans fats, and chemicals on the FDA toxicity watch list.

21. McDonald's goal is to open more than 2,000 restaurants in China by 2022.

22. McDonald's largest market outside the U.S is Japan, with over 3,000 restaurants.

23. The Kuala Lumpur Tower, the world's largest building in Malaysia houses a McDonald's restaurant.

24. A McDonald's strawberry milkshake comprise 50 chemicals that are used to emulate the flavor of strawberries.

25. Only seven items on the McDonald's menu contain no sugar.

26. The largest McDonald's restaurant is located in Beijing, which is over 28,000 square feet.

27. The smallest McDonald's restaurant with only 492 square feet is in Tokyo, Japan.

28. The original menu of McDonald's did not offer French fries.

29. Richard and Maurice opened up the first McDonald's restaurant in San Bernardino, California.

30. McNuggets come in four official shapes: bell, bone, boot, and ball.

31. Ronald McDonald is called Donald McDonald due to a lack of a clear "r" sound in Japan.

32. McDonald's first drive-thru opened in Sierra Vista, Arizona in 1975.

33. McDonald's hires around 1 million workers in the US every year.

34. McDonald's drive-thru staff will not serve people if they come on a horseback.

35. Michael Jim Delligatti invented the McDonald's Big Mac burger in 1967.

36. Bill Gates has a McDonald's Gold Card for unlimited free fast food.

37. McDonalds serves 9 million pounds of fries per day globally.

38. The first McDonald's with the with the golden arches opened in Phoenix, Arizona in March 1953.

39. Approximately 7% of the potatoes grown in the U.S. are turned into McDonald's fries.

40. McDonald's paid Justin Timberlake approximately US$6 million to sing the "ba-da-ba-ba-bah" jingle in the first U.S. "I'm Lovin' It" TV spots.
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40 Interesting facts about McDonald's - Serious Facts

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Did you know McDonald's first menu items were hot dogs, not hamburgers? Learn more about McDonald's history, ingredients, business processes and more in this list of 40 interesting McDonald's facts. You may also like

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Apr 15, 2024 | Mobile Devices

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Find statistics, consumer survey results and industry studies from over 22,500 sources on over 60,000 topics on the internet's leading statistics database

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McDonald's is one of the most favorite fast food joints in the world and it's over 36,000 locations worldwide as at 2016 serve to strengthen this fact. Founded in 1940 by brothers Richard and Maurice, McDonald's has revolutionized and shaped the fast food industry to what we have come to know and love.

As at 2012, McDonald's was second only to Walmart as the largest private employer in the world with more than 1.9 million workers with 1.5 million of those working for franchises. McDonald's direct employees number 375,000 as at 2016.

McDonald's deals with products such as French fries, hamburgers, milkshakes, and cheeseburgers among many others, the fast food giant has also expanded to serving fish, fruits, salads, and smoothies. McDonald's serves close to 69 million consumers in more than 100 countries and this is where most of their 24.6 billion dollars' worth of revenue (as at 2016) is generated from.

A net income and total assets equalling 4.6 billion and 31 billion respectively solidify McDonald's standing as a major player in the fast food industry. McDonald's has its headquarters in Illinois, United States. The following are some of the companies giving McDonald's a run for their money;

KFC is the second largest fast-food chain after McDonald's and one of the top McDonalds Competitors. Its specialty is in fried chicken and burgers. Founded in 1930, the brand has grown and expanded into other territories with close to 20,000 branches or locations in more than 120 countries as at 2015. Along with Taco Bell and Pizza Hut, KFC is a Yum! Brands subsidiary. Apart from fried chicken, KFC also offers salads, French fries, soft drinks and chicken fillet burgers among other notable products.

KFC's fried chicken has been hailed as the best in the world and its slogan 'Finger-Lickin' Good' embodies how good they are in what they do. As at 2013, KFCs revenue stood at 23 billion dollars.

A subsidiary of Restaurant Brands International, Burger King 's standing as one of the largest fast food restaurants cannot be disputed. Founded in 1953 and headquartered in Florida, USA, Burger King's menu of soft drinks, hot dogs, desserts, hamburgers, chicken and French fries among others are delicacies loved worldwide. With a revenue of over 4 billion dollars and assets worth 18.4 billion dollars as at 2015, burger king has positioned itself as a force to reckon with in the fast food industry.

Burger has over 15,000 locations worldwide serving in around 100 countries. Burger King has continued to expand its menu and brand and a net income of more than 1.9 billion dollars in 2015 highlights some of the company's success. Naturally, with the name itself spelling "Burger", there is no doubt aht Burger king is one of the top McDonalds Competitors.

Subway is among the fastest growing fast food brands. Privately owned, Subway has close to 45,000 locations in over 110 countries as at 2017. As a single brand fast food restaurant chain and operator, Subway is the largest in the world. The primary fast food sold by Subway is the submarine sandwich popularly known as 'sub' although it also sells paninis, wraps, doughnuts, muffins, cookies, and salad. Subway also offers gluten-free bread as well as brownies as part of its menu.

Subway's main selling is its 'Eat Fresh' slogan which focuses on how its sandwiches are prepared from freshly baked bread. Subway's revenue as at 2015 was 1.11 billion dollars. Subway also focuses on health and lately McDonalds and other burger brands have come under the scanner for their health disadvantages. This is where Subway is winning the market bit by bit and hence it is considered as one of the top McDonalds Competitors.

Starbucks is a coffeehouse chain headquartered in Seattle, USA. It was founded in 1971 and as at 2016 had more than 23,700 operational locations in the world. These locations serve frappuccino beverages, hot and cold drinks, espresso, whole bean coffee among other drink. The stores also sell snacks and pre-packaged food such as crackers, chips, and sandwiches just to mention a few. Some selected stores also serve beer and wine to the customers.

Most of Starbuck's revenue of 19.16 billion dollars as at 2015 was generated through sales of the coffeehouse products including sandwiches, smoothies, coffee beverages and tea baked products among others. As at 2016, Starbucks had more 238,000 employees worldwide.

Pizza Hut is famous for its menu which includes the popular Italian-American cuisine. Dessert, pasta, Buffalo wings, and pizza are some of the other dishes being served at Pizza Hut. It is one of the brands operating under the umbrella of Yum! Brands. Founded in 1958 by the Carney brothers Dan and Frank, Pizza Hut has grown and expanded to the more than 16,000 stores worldwide that it had at 2016.

Majority of Pizza Hut's revenue is generated through pizza sales with the company regarded as the best pizza chain in the world. Its pizza varieties include Thin n' Crispy, Sicilian, Stuffed Crust, Pan Pizza and Hand Tossed among many others. If you need any fast food other then Burgers you will probably turn to pizze hut making it one of the top McDonalds Competitors.

Founded in 1960 and headquartered in Michigan, USA, Domino's has continued to be a dominant force in the fast food industry evidenced by the more than 13,000 locations it operates globally. Domino's main products include dessert, pizza, chicken wings, pasta and submarine sandwiches. Domino's is the only brand in the 'big four' pizza chains that sell coca cola to its customers.

In 2016, Domino's delivered the first unmanned aerial vehicle pizza delivery in New Zealand using Flirety's DRU Drone. As at 2016, Domino's revenue stood at 2.47 billion dollars with a profit of 214.7 million dollars in the same year while also employing 260,000 workers across its stores worldwide.

With over 12,000 locations in more than 35 countries, Dunkin Donuts is among the largest baked goods and coffeehouse chains. Founded in 1950 and based in Massachusetts, Dunkin Donuts serves hot beverages, bagels, frozen beverages, soft drinks, donuts, iced beverages, baked goods and sandwiches among other items on is a menu. Dunkin Donuts operates under the banner of Dunkin Brands.

In line with new branding, the company announced a move from using the name 'Dunkin Donuts' to just 'Dunkin' in 2017. Dunkin Donuts generated more than 828 million dollars' worth of revenue in 2016 further highlighting its status as one of the leading brands in the fast food industry.

Wendy's is the third largest hamburger seller in the world behind McDonald's and Burger King as at 2016. Headquartered in Ohio, USA, Wendy's has over 6500 (as at 2016) stores selling its products which include salads, frozen dessert, French fries, hamburgers, breakfast sandwich and chicken sandwich among several other products. The company was formed in 1969 by Dave Thomas.

In 2008, Wendy's merged with Triarc, a group of companies which was later renamed The Wendy's Company. Wendy's revenue as at 2016 stood at about 464 million dollars with a preliminary net income of over 85 million dollars. Wendy's is planning to sell more than 300 stores in a bid to increase its revenue and profit margins. Wendy's is the arch nemesis of McDonald's on Social media and is known to make fun of both - McDonalds and Burger Kind. Wendy's following and sales is rising too making it one of the top McDonalds Competitors.

Operating as a Yum! Brands subsidiary, Taco Bell is a fast food chain of stores with headquarters in California, USA. The restaurant offers a variety of foods which include quesadillas, tacos, nachos, burritos and other Tex-Mex foods. With 7000 stores serving an estimated 2 billion consumers on a yearly basis, Taco Bell's presence in the fast food industry cannot be overlooked. Taco Bell was founded in 1962 by Glen bell and ever since then the company has grown and expanded to what it has become today. Although it has branches worldwide, Taco Bell mainly serves in Canada and USA.

Taco Bell's revenue as at 2015 stood at 1.98 billion dollars with more than 175,000 employees.

Chipotle is a fast foods chain of restaurants founded in 1993 and headquartered in Colorado, USA. The restaurant's name is inspired by the chipotle which is a jalapeno chili pepper that has been smoked and dried. Chipotle's specialty is for burritos and tacos. It operates in Canada, France, USA, United Kingdom and Germany. Chipotle has over 2,200 locations in these countries with more than 64,500 (as at 2017) employees serving there. As at 2016, Chipotle's revenue was 3.9 billion dollars while it had assets worth 2.026 billion dollars with a net income of 22.94 million dollars in the same year. Steve Ells is the founder of Chipotle.

Tim Horton's is the largest fast-food restaurant chain in Canada with more than 4,600 outlets worldwide as at 2016. It serves donuts and coffee. Its revenue as of 2016 was 3 billion dollars.

Papa John's has its headquarters in Kentucky, Louisville, and Jeffersontown and is the third largest pizza delivery and take out fast food chain in the USA. As at 2013, its revenue was 1.43 billion dollars with over 20,000 employees working in the more than 4700 branches that it operated.

Dairy Queen is a subsidiary of International Dairy Queen that serves hot dogs, milkshakes, French fries, salads and soft drinks among many other foods. As at 2009, its revenue stood at 2 billion dollars. The growth has been significant in terms of volume of sales. In the long run, it has every potential of making it big.

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The top McDonalds Competitors - Competitor analysis of McDonalds

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McDonald's is one of the most favorite fast food joints in the world and it's over 36,000 locations worldwide as at 2016 serve to strengthen this fact. Founded in 1940 by brothers Richard and Maurice, McDonald's has revolutionized and shaped the fast food industry to what we have come to know and love.

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The markets can be classified into four types of market structures :-

monopoly

perfect competition

monopolistic competition

oligopoly

initially markets were categorized by economists between two extremes, monopoly and perfect competition.In perfect competition there many producers offering the identical products at the same price level. the price can be only determined by the market forces of demand and supply. this implies that the firm has no power over the market price, which means its a price taker.on the other hand monopoly is a single firm that controls the market. since they either have government support, control over a resource or got legal protection they have the advantage of regulating the market price, making them a big problem to majority of society and potential new businesses (high barrier to entry). Oligopoly falls under these extremes with its characteristics more towards monopoly than a perfect competition. since there are a few firms that are able to dominate the market for the product or service they offer. they provide products that are similar to their rivals but are differentiated through advertising and promotions.
Monopolistic competition is considered to be under these two extremes, but more closer to the competitive side since it can be categorized as having large number of producers selling slightly differentiated goods. Furthermore entry barriers are very low. Also since firms in monopolistic competition offer slightly differentiated goods they have some degree of price making power

today ill be taking McDonald as an example to clearly explain the concept of monopolistic competition through the application of actual events.
As you all know McDonald is a global fast food chain that originated in America with more than 34000 restaurants in 118 countries serving nearly 69 million people a day (McDonald 2013). McDonald is classified as a monopolistic competition because in the fast food business there are many other competitors as well. For instance Wendy's also provide burgers and fries, but are slightly differentiated from McDonald. in the sense of taste or how it is prepared. lets say McDonald decides to increase the price of its cheeseburger which initially costs $0.99 (Burger Lad 2013) to $ 1.50 while Wendy's price stays the same. This means that McDonald customers might switch to having their food at Wendy's, while some loyal customers remain. This is the behavior of a downward sloping demand curve that monopolistic competition face. As price increases quantity demanded decreases, while as price decreases quantity demanded increases. It is evident that there is an inverse relationship between price and quantity demanded for an individual firm.

They also have a relatively elastic demand curve.Elasticity is the degree of responsiveness to a change in price(Mankiw.N.G 2004),being elastic means that McDonalds customers are quite sensitive to price changes made to the burgers. This is because McDonald has to face competition from reasonably close substitutes like Wendy's or KFC who are also well to do fast food restaurants. However demand for McDonald is not perfectly elastic because as explained in the above example when price of a cheese burger rises some customers are quite sensitive to the price change and may switch to a different restaurant,but not all meaning to say that the loyal customers will remain regardless of price change.This implies that the demand curve is not perfectly elastic.

Short run

The demand curve for McDonald is downward sloping in contrast to perfectly elastic horizontal demand curve seen by an individual firm in perfect competition. It looks like a monopoly's demand curve where the firm sells small amounts of quantity at high prices and large amounts of goods at lower prices. Next we shall examine the marginal revenue (MR) for McDonald.According to Long.N (2013) marginal revenue is the amount of revenue a firm obtains from each additional output.since it is a single price seller it would be difficult for them to discriminate price due to the fact that they don't have much monopoly power over the market. so McDonald marginal revenue will be below its demand curve. This means that at any level of output the firms marginal revenue will be lower than the price it sells its burgers for. so following the profit maximizing rule of MC=MR McDonald will want to produce at a quantity where MR=MC which is denoted by Q on the graph above. plus it can charge a price that corresponds with demand for the burger. to find the priced charged by McDonald you should go above MC=MR towards the demand curve and over to the price axis. and to determine whether or not McDonald is earning economic profits we go up to average total cost curve and over to the price axis therefore by studying the graph we can see that McDonald earns $ 10 economic profit ($1.5*10-$0.5*10)

Long run

Lets say McDonald decides to open up a store in a town where there is currently no fast food outlets they might experience economic profits because of their highly differentiated food, as you can remember one of the characteristics of monopolistic competition is low barriers to entry. This means that if McDonald which is one of hundreds of other restaurants in the town so it is not a monopoly, its providing food just like the rest of the other restaurants but their burgers in particular are helping them earn economic/super-normal. due to this we would expect more fast food joints to be attracted to this town. as they do demand for McDonald burgers will fall this is due to fact that now there is more competition in the market for burgers and fries. now we could see that there are more substitutes available for customers to choose from. the number of substitutes is the primary determinants of price elasticity,therefore McDonald will face a elastic demand curve. Along with demand marginal revenue (MR) will fall as well. MR and demand are equal at a level of output of one therefore MR shifts to the left downwards and becomes flatter. how do we know this, as we can see McDonald is not earning a economic profit. lets examine why

McDonald would want to produce its burgers at the profit maximizing output of MC=MR but looking the graph wan see that its at a lower level where quantity has decreased to 5 burgers from the original 10 burgers due to fall in demand. Now McDonald can only charge their customers $0.5 per burger because there is more competition and customers are more responsive to McDonald prices as there are various substitutes. so by looking at or graph we can see that McDonald cannot earn economic profit because their price equals their average total cost (ATC) $2.5=$2.5.

Product & allocative efficiency

Next we shall see if McDonald is productively efficient in the long run. looking at the graph we can that McDonald is not producing burgers at a minimum ATC, how do we know this that is because MC=ATC at its lowest point.. in other words the Qpe is the productively efficient quantity that McDonald should be aiming for. Due to Mcdonald price making power they will restrict their output and charge the customers slightly higher prices than the minimum ATC therefore not utilizing its resources in the least cost manner (Sloman.J,Wride.A,Garratt.D 2012).

Now we examine whether McDonald is allocatively efficient to do this we must study its demand which is a symbol of marginal benefit. If marginal Benefit equals marginal cost at Mcdonalds profit maximizing level of output MC=MR then we can say that they are allocatively efficient. but looking closely at the diagram we can notice that the margnal benefit to society is greater than the marginal cost to McDonald this means that McDonald is limiting its output of burgers. It is producing burgers less than the socially optimum amount in order to maximize their profits, in this case to break even.

In the end McDonald will have neither allocative or productive efficiency simply because it has a downward sloping demand curve and a marginal revenue that lies under demand, plus McDonald charges $0.5 which is higher than its minimum ATC. another reason is because its selling its burgers higher than its marginal cost meaning that the resources used to produce burgers are under allocated towards McDonald output in the long run even though they are not earning economic profits.

References

Long,N. (2013) Chron. Available from http://smallbusiness.chron.com/calculate-marginal-revenue-3480.html [Accessed 08 June 2013].

Mankiw,N.G (2004) Principles of Economics. 3rd ed. Thomson South Western.

Sloman,J., Wride,A.. Garratt,Dean. (2012) Economics. 8th ed. Pearson

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The markets can be classified into four types of market structures :- monopoly perfect competition monopolistic competition oligopoly initially markets were categorized by economists between two extremes, monopoly and perfect competition.In perfect competition there many producers offering the identical products at the same price level.