In this assignment, you need to describe which of the three pricing models outlined in the…

In this assignment, you need to describe which of the three pricing models outlined in the textbook, you believe are typically used by three different types of service businesses: 1) a legal firm, 2) a restaurant, and 3) a college. As a reminder, the three pricing models were Cost-based Value-based, and Competition-based. Then you need to propose some actions they could take to better manage their revenue (reminder – revenue equals units of service x the average selling price of that unit of service, so any ideas you have to affect either of those two terms could work). Finally, you must say why your proposals would be effective and ethical This assignment requires you to make some logical assumptions about how each business works. You do not have to write about a real business as long as your answer makes sense. You do not need to do any formal research either. You can however look for basic information on the internet or in the library if you are unfamiliar with how any of these businesses operate. Just remember to quote and reference any ideas that are not your own Be sure to organize this assignment so that it is clear to the reader that you have provided everything that was requested for each of the three types of businesses. As a reminder there are three areas of inquiry – their pricing model your revenue management proposals and the effectiveness and ethics of your proposals. Remember to use course language and concepts. Questions (with points deducted if missing) Using concise business language (2 pts), and the correct course terms (2 pts) 1. Explain which of the three pricing models described above are used by a restaurant, a legal firm, and a college. (3 pts) 2. For each one of those three businesses, come up with two Revenue Management techniques they could employ (6 pts) 3. For each revenue management technique, state why they would be effective, and ethical (6 pts)