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Some of the
Chinese restaurants in Hong Kong set a standard price (eg. $10
each) for all dim
sums at their restaurant. This is actually a method of minimizing
the measurement cost.
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From the
restaurant's point of view, it can help reducing the measurement
cost. Under the standard pricing, whether the consumers eat large dim(大點), median dim(中點)
or small dim(小點) the price is the same.
So, when the restaurants check the bill, the only thing that
concerns is the number of dishes ordered and the standard price. Therefore, much measurement cost is saved.
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Also, as the
marginal cost (MC) of different dishes is different, it will be very
costly for the restaurants to distinguish which dim it belongs
to. If there is a standard price for all dims, much measurement
cost can be saved.
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Besides,
for some dishes the MC of producing them may be higher than the standard
price whereas the Mc of producing other dishes may be lower that
the standard price.
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Therefore,
restaurants will only adopt the standard pricing only when the
measurement cost saved and the economic reant of some low MC
dishes (< standard price) are enough to compensate the loss in
revenue incurred by selling some high MC dishes (> standard
price). |
