An overview of basic microeconomic theory using the restaurant industry as an example.
Written in 2008; 1,285 words; 5 sources; APA; $ 43.95
Paper Summary:
This paper examines the theory of that all resources are finite. The author points out that key to the concepts underlining the study of microeconomics are the laws of supply and demand. The paper stresses that the laws of supply and demand are very much in evidence in the restaurant industry. The author relates that one beneficiary of the economic downturn are fast food restaurants, especially among the market segment with the least inclination for cooking or interest in health, predominantly male, age 18 to 29.
From the Paper:
"The prices of substitute goods also affect supply and demand. If Dunkin' Doughnuts cuts the price of its coffee and breakfast sandwiches, discount merchandiser McDonald's may see a decrease in sales of its coffee and Egg McMuffins, but not in its sodas and hamburgers, because these are not substitute good for breakfast beverages and foods. Changes in the price of complementary goods--gas and large vehicles being an obvious example, will also affect supply and demand, as the price of gas goes up, demand for gas guzzling-vehicles will decrease."
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