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[answered] According to a survey by Restaurants and Institutions* maga


According to a survey by?Restaurants and Institutions*?magazine, adults eat an average of nearly four meals per week outside the home. Nearly one-third of consumers frequently eat lunch away from home, and more than 15 percent eat dinner away from home on weekdays, a number which rises to over 35 percent on weekends. ?Since dining out is more expensive than preparing meals at home, one way to save during a recession is to cut back on restaurant meals. During the 2007-2009 recession, many ?casual dining? restaurants (Chili?s, Olive Garden, PF Chang?s, etc.) saw a sharp decline in business, and some even closed their doors (Bennigan?s, Steak and Ale). ?Fast food? restaurants (McDonald?s, Subway, etc.) on the other hand, saw business increase during the recession.

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Discuss restaurant dining from a supply and demand perspective. How has the recent recession impacted the supply and demand for meals at ?casual dining? restaurants and at ?fast food? restaurants? What aspects of supply and demand have caused these changes? Did the recession change your dining habits? How and why?? Be sure to include in your discussion which determinants of supply and demand are responsible for the changes in dining habits during the recession.

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*?The New American Diner,??Restaurants and Institutions, January 1, 2008.


 


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