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Factors affecting supply and demand of a product
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Assignment 2: Article Analysis Question 1 – The reason of the price of free-range eggs is expected to rise. The price of free-range eggs rise is mainly due to the demand of free-range eggs is increasing but the supply of free-range eggs is decreasing. First of all, if for the same purpose of the protein supplement, eggs are cheaper than beef, and scientist also suggested that eating eggs gives a better outcome of people’s health. In addition, compare with cage-eggs, people in Australia are prefer to eat free-range eggs (Mannix 2016). Therefore, when people’s preference is highly intended to eat free-range eggs by different influences, the demand of free-range eggs will increase (Parkin & Bade 2016, p. 89-90). It can also be shown in the graph …show more content…
First of all, it is hard to find a substitutes of eggs, but there is a substitute for free-range eggs, which is the cage-eggs. Cage-eggs are cheaper and easier to buy. But for those who prefers to eat free-range eggs, the price change on free-range eggs may not change their preference. Because even free-range eggs are more expensive than cage-eggs, but it still only takes a small proportion of people’s total income (Parkin & Bade 2016, p. 121-122), and people’s habits are usually hard to break. Furthermore, eggs can be used to make many delicious food, and it is a necessity of most people’s daily life. And also eggs are defined as a food. Food is a broadly defined good which has an inelastic demand because there are poor substitutes for food (Parkin & Bade 2016, p. 122). Therefore, the price elasticity of demand of free-range eggs is inelastic, which means when the price of free-range eggs changes, the percentage change in quantity demanded of free-range eggs will less than the percentage change in its price (Parkin & Bade 2016, p. 120). Which can be shown in graph …show more content…
If the price ceiling is above the equilibrium price, there is no influence on the market because people already paying under that price. But if the price ceiling of free-range eggs is below the equilibrium price, it will lead to a huge effect on the market. Firstly, the quantity demanded of free-range eggs will increase and the quantity supplied will decrease because of the fall in price, and the shortage of free-range eggs occurs. Secondly, both consumer surplus and producer surplus will decrease, which cause an inefficient free-range egg market (Parkin & Bade 2016, p. 179-181). Which also shows in Graph
Catherine Cangany’s article Fashioning Moccasins: Detroit, the Manufacturing Frontier, and the Empire of Consumption, 1701-1835, cover the main theme 18th century Detroit. Cangany explores how the moccasin, a fashionable and practical shoe, transformed from a shoe exclusively worn by native groups to a highly fashionable shoe that French and British colonies started to integrate into their own culture to taking the moccasin to manufacturing and becoming Europeanized. Though out many decades, the process of creating moccasins became more ‘industrial’ which made them a symbol of native culture to East Coast fashion. Cangany’s article examines how the production of moccasins became so popular and fashionable among European colonists that eventually moccasins no longer were a native creation.
The article highlights and includes the documentary Food, Inc. which exposes the inability of the profit system to provide safe and healthy food for the vast majority of the population. Eric Schlosser investigating journalist quotes, “The way we eat has changed more in the last 50 years than in the previous 10,000…now our food is coming from enormous assembly lines where animals and the workers are being abused, and the food has become much more dangerous in ways that are deliberately hidden from us”. Schlosser also quotes, “Birds are now raised and slaughtered in half the time they were 50 years ago, but now they’re twice as big”. He believes they not only changed the chicken, but they changed the farmer implying that capitalism has taken the place for the need of small scale farming. In addition, Michael Pollan also a journalist believes that the vast array of choices which appears in everyday supermarkets is nothing but an “illusion of diversity”. The advancement of technology and how consumers react to products has been further developed and continues to be in this generation. Food scientists are now genetically modifying and engineering products to satisfy and manipulate consumers to desire more of these unhealthy product choices. The biggest advance in recent years has
From a financial and marketing standpoint, the effects have been catastrophic. In some areas, milk production has decreased by an average of two liters daily and calving index (efficiency at which new calves are produced) went down by an average of twenty days (Davies NP). Th...
There lies a problem in all this, and it may not be quite as obvious as we think. Which is the true problem? The generalization of all farmers in Alberta? The biased TV documentary broadcasted across the province? The actual housing of the laying chickens? Could it be the animal activists creating unneeded uncertainty in the industry? Or maybe the jeopardizing of all egg producers in Alberta. Each pose a valid problem related to the main issue, and it's safe to say that all these problems are all included in the main problem. So what is the main problem one might ask? The problem has narrowed down to the general public being unhappy about how today's modern consumption eggs are produced. Is there really one solution that can fix this problem, as well as the problems within? It's hard to keep everyone happy but there are solutions.
In the 21st century everything is about industrialization and getting everything modified. The food industry has become involved, and is trying to find a more productive and healthier way to produce foods. People argue on the fact if free range foods should be used; as well if it’s a healthier lifestyle for the citizens that are consuming it. Free range foods refer to animals that have the privilege to go in outdoor spaces, freely graze or forage for food. With these types of animals, it will be a more natural meat. The benefits of having free range chickens and cows they will have a well-rounded healthier diet, than those animals that are caged in pens. With the free range chickens eggs we get from the store they have more nutrients in them
N. Fiala. (2010). “The Value of Cultured Meat:An Estimate of the Externality Costs of Meat Consumption”New Harvest.
As a result, individuals in America have extra income to spend on desired items and help the economy to maintain its economic advantage. An increase in food prices would affect everyone’s level of disposable income and would reduce consumer spending in other industries. Therefore, decreased consumer spending would cause companies to downsize and unemployment would increase. After evaluating the consequences of these regulations it is evident that the success of our economy in America is far more important than ethical treatment of meat.
...no effect because once a producer raises animal food prices, the producer who takes care of animals will need to cut down on animals or the animals will starve; since this producer need to cut down on animals, the meat he producers will rise to keep his profit due to decrease of supply. In conclusion, these principles of economics fully explain the consumer’s and procedure’s actions under surging food prices.
Quantitative Article Critique In order to be able to critique a research article, there are certain guidelines to follow. The ethical aspect of the study, the problem statement or purpose statement, the literature review, the study framework, and the hypothesis and research questions of the article must be critiqued. This is done in order to find the strengths and limitations of the research. Therefore, determine if it can be used as evidence-based practice.
Considering Americans’ average annual consumption of chicken (almost 80 pounds per person in 1990), many in the industry wonder how much growth is left (Hill & Jones, 1998).
Many big food producing businesses joined in on the rage as well, creating an eruption of overly labeled foods. It equally caused new labels to be printed, even though they were unnecessary, to raise profits. The factors that keep the prices is high and stable include transportation, small crop sizes, price of the processing, and payment to the farmer. A specific type of processing and transportation might be required to be used to reduce the risk of contamination. Raising large and healthy quantities of plants and animals without the aid of chemicals or growth hormones can be daunting task for
mistake. Since the mall has opened, a number of local businesses have closed, and the
If you had a choice between a burger and a bowl of crickets, I think I would know which you choose to eat. As disturbing as this sounds, in the near future we may not have that choice. With our annual protein consumption rising, and Europe’s protein sources decreasing, coupled with a growing population, we may have only one alternative… Insects.
Food prices have been on the rise and have become a global issue. Prices have soared over the past year and a half and threaten to go up further if issues are not addressed immediately. Below is a look at how prices have been over the past year.
A change in consumers’ tastes – the food in this market may become unappealing to consumers as obesity and cardiovascular diseases rise in New Zealand. This would put people off as quick service foods are regarded as unhealthy.