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Read the following post of a supply and demand change and
provide further analysis. Explain which curve shifted and which shifter was
affected. Do you also conclude that equilibrium decreases in the end or is it
the opposite? Why or why not? Explain your analysis thoroughly. A total of 300
or more-word count is required. Let me know if you have any questions or
concerns. Use APA format to include in-text citations and a reference page.
Minimum of 2 scholarly sources required.
Restaurants have changed along with the demands of the
consumers. This has also enabled gourmets and food lovers around the world to
feast at their convenience- a convenience of time, place and budget. With the
advancements in technology, the way people communicate and gather information
affects the way consumer approach restaurants and the related activities.
Restaurants have changed from the use of cash and check payments to electronic
bills and payment methods. While the use of technology has greatly helped
increase the reach and scale of restaurateurs to explore and tap into, one such
avenue is data analytics.
Restaurants are now analyzing menus to find the most popular
dish, customizing coupons for repeat customers, refining discounts to attack
new consumers, optimizing inventory planning and replenishment, and doing
social media analytics to gauge customer. The food industry has changed in the
demand curve on how a person looks at restaurants. The factors that affect how
the consumers like the type of ingredient being used in restaurants, is based
on the age of the customers, the gender, marital status, income, and what type
of card they are using.
If the price of good changes, it leads to a change in the
quantity supplied, it factors influences seller’s behaviors, it results in a
change in supply. The equilibrium price is based on the amount buyers will pay
and the quantity of the produce.