2-2 Final Project Milestone One Introduction.docx - 1 Running head MCDONALD\u2019S McDonald\u2019s Carmen Concepcion Southern New Hampshire University ECO 201

2-2 Final Project Milestone One Introduction.docx - 1...

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1 Running head: MCDONALD’S McDonald’s Carmen Concepcion Southern New Hampshire University ECO 201
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2 McDonalds Starting up a business and keeping it running is no easy task. It’s more than just creating a product and selling it. It’s creating a product that consumers will want to purchase at a reasonable price. You also must take into account the cost of purchasing the materials, labor and marketing your product. I will be conducting a research on McDonald’s, a well-known franchised fast food restaurant. With this report I will show you how they are able to stay in business for over 60 years. You will see how the supply and demand, price elasticity of demand, and cost of production all play an important role in a business. History of the Company The first McDonald’s was opened in 1948 by two brothers, Maurice and Richard McDonald. In 1954 Ray Kroc became the franchise agent for the McDonald brothers. In April
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