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.