Summarize the positive (descriptive) and normative (value-based) analysis of the policy or situation.

Present a reasoned conclusion on the policy's effectiveness, considering efficiency, equity, winners and losers, etc.

Use a graphic to visually demonstrate the standard equilibrium model's application to the policy or situation in the article.

Analyze whether the model’s predictions align with the article's content.

Identify and explain relevant economic concepts related to the article.

Describe how the article ties into class economic principles.

Eating out costs an average of $16.28 per meal, compared to $4.23 for a home-cooked meal, largely due to inflation and shrinkflation.

Shrinkflation and food delivery apps, such as Uber Eats and DoorDash, increase costs further.

Similar to today, the 2008 financial crisis saw rising food prices, forcing consumers to cut back on dining out and turn to home cooking as a cost-saving strategy.

The Emergency Food Assistance Program (TEFAP) is a federal program by the U.S. Department of Agriculture (USDA) that helps low-income individuals and families during tough economic times. During the 2008 financial crisis, TEFAP was vital in assisting communities with rising food prices by providing surplus food to food banks. The program aims to reduce food insecurity and ensure that people have access to nutritious food, especially during crises.

Experts today suggest strategies like bulk buying and meal prepping to manage rising food costs, similar to advice offered during the 2008 crisis. For instance, in New York, residents save nearly $19.40 per meal by cooking at home, showcasing the financial relief that home-cooked meals can provide. Both periods reflect a shift toward home cooking as a solution to economic pressures, highlighting the ongoing need for programs like TEFAP to combat food insecurity during financial hardships.

The article discusses the pros and cons of cooking meals versus eating out which depends on what a consumer values; ie their time, their health, and budgeting 

Although it appears that cooking at home is more economical, grocery stores have been indulging in shrinkflation which may slightly mark up products while reducing quantities 

The article also gives tips to save at home and while eating out such as buying in bulk, looking for coupons, and avoiding using third party delivery services 

The second article hones in on more specific pros and cons of eating out versus cooking. Cooking is a useful life skill and hobby, but also being a major time investment. On the other hand, when one eats out they get to have a specialized dining experience with unique atmospheres, but are eating lower quality food with little nutritional value 

Consumers don’t know what's in their food when they eat fast food due to poor transparency on nutrition labels

• Consumers underestimate the cost to their health that this food will have on them

People become reliant on fast food and eating out because of the convenience, which leads to a cycle of unhealthy eating

This may lead to a rise in the price of healthcare if more people become dependent on it

Challenges the standard equilibrium model

• The original model might assum that the average consumer only uses price to decide whether or not to cook at home

• Consumer might have incomplete information and might prioritize convenience over the cost

Consumers might not have rational decision making habits and this will cause it to deviate from the standard equilibrium model

Fast food chains as well as large brands hold a big portion of market power, and these companies dominate in marketing strategies

• They may push out other competition and lead to less options and higher prices

If the population continues to rely on fast food, the costs of healthcare will rise

Americans health will get worse

Why the standard equilibrium model may not be applicable: not all communities have equal access to healthy cooking options, 

Lower income people are disproportionately affected

Inflation