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ECON203 ASSIGNMENT 1 Total marks 20-weightage 20% Rubric Your answer will be assessed on how well you do in terms of; • Problem solving: Apply theoretical understanding of microeconomic concept like consumer behaviour to real life economic problems • Knowledge and understanding: Recognise how microeconomic analysis helps people, firms and governments in making choices in different scenarios • Ethics: Demonstrate ability to evaluate economic theory and real world applications in the context of ethical considerations • Communicate your ideas in written expressions and diagrams and provide a logical and cohesive answer Document Preview:

03/04/2018 Low Food Costs, Oversupply And Changing Consumer Preferences Spell Bad News For Restaurant Industry/ /? Business #EconomyNOV 22, 2016 @ 03:50 PM 2,965 ?Low Food Costs, Oversupply And ChangingConsumer Preferences Spell Bad News ForRestaurant IndustryDanielle Marceau, CONTRIBUTORI cover the US economy and how businesses can use data for the future. FULL BIO ?Opinions expressed by Forbes Contributors are their own.Falling food costs mean more consumers are opting to eat at home. (Photo Credit: Shutterstock)2016 has not been a good year for the restaurant industry. Several restaurantcompanies have filed for Chapter 11 bankruptcy, including Cosí, Inc., Last Call,which operates Fox & Hound and Champps Kitchen & Bar restaurant chains, andGarden Fresh Restaurant Corp., which operates Souplantation and Sweet Tomatoes.Unfortunately, the forecast doesn’t look much more promising for 2017.Retail Trade at Food Services and Drinking Places in October of this year were 4.7%ahead of October 2015, however growth has been slowing in the industry for almosttwo years—since a January 2015 peak in the YoY growth rate of 10.3%. Overall,fundamental underlying trends suggest that the negative momentum will persist ashttps://www.forbes.com/sites/daniellemarceau/2016/11/22/low-food-costs-oversupply-and-changing-consumer-preferences-spell-bad-news-for-res… 1/303/04/2018 Low Food Costs, Oversupply And Changing Consumer Preferences Spell Bad News For Restaurant Industrywe round the corner into 2017, despite positive trends developing for the consumerand overall retail trade industry.This is happening for a few reasons. First, the spread of prices, which is thedifference between food away from home prices (restaurants) and food at homeprices (grocery stores), is accelerating. In other words, the cost of eating out atrestaurants is increasing at a much more rapid pace than the cost of grocery storefood.In fact, restaurant prices are up 2.4%, while food at…

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Article-for-Q….pdfArticle-for-Q….pdfASSIGNMENT1-2….pdfASSIGNMENT-1-….pdfEthics-Rubric….pdf