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date: 20 October 2019

Abstract and Keywords

This article discusses some of the challenges of restaurant pricing and reviews methods that restaurants use to set prices. Section 6.2 begins with a brief history of restaurants and presents how restaurants are currently classified. Section 6.3 discusses the different approaches that restaurants use to set prices today. Section 6.4 discusses the psychology of restaurant prices and how it influences menu design, and gives an overview of how revenue management is applied in the restaurant industry. The article concludes with a short discussion of opportunities for the future.

Keywords: restaurant pricing, price setting, menu design, revenue management, restaurant industry

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