Why Turkey Cheaper When Demand Is High
Term Paper: Supply and Demand
Why is Turkey Cheaper when Demand is higher?
ECON101,
American Public University
24 November 2013
Supply and Demand
In Economics, supply and demand are one of the fundamental concepts. Market price for any commodity is determined by the outcome of demand and supply. According to our text, supply and demand are closely related to each other and “The equilibrium of supply and demand in each market determines the price and quantity of that item” (Rittenberg & Tregarthen, 2009, p. 80). The article that I am researching for this term paper is… Why is Turkey Cheaper when Demand is higher?
It is just appropriate for this time of year to research an article on the subject of supply and demand, and how it …show more content…
In this case the demand for turkeys increase on Thanksgiving Day meaning that more people are willing to buy frozen turkeys at any given price. This means that an increase in demand (in this case turkey) is going to raise both, the equilibrium price and the quantity. If the opposite were to happen and a decrease of demand for turkeys during Thanksgiving occurred, then it would cause a decrease on demand. A decrease in demand of turkeys during a thanksgiving date and a larger increase in supply (of turkey) means that fewer turkeys will be demanded at the same price, yet at the same time more turkeys will be supplied at the same price (Rittenberg & Tregarthen, 2009,), so if a decrease on the demand for turkeys would occur, but at the same time the supply of turkeys continue at the same price, then it lowers the equilibrium price and quantity. Rittenberg and Tregaethen noted that “A decrease in demand lowers equilibrium price and lowers equilibrium quantity and at the same time, an increase in supply lowers equilibrium price but increases equilibrium quantity”
Why is Turkey Cheaper when Demand is higher?
ECON101,
American Public University
24 November 2013
Supply and Demand
In Economics, supply and demand are one of the fundamental concepts. Market price for any commodity is determined by the outcome of demand and supply. According to our text, supply and demand are closely related to each other and “The equilibrium of supply and demand in each market determines the price and quantity of that item” (Rittenberg & Tregarthen, 2009, p. 80). The article that I am researching for this term paper is… Why is Turkey Cheaper when Demand is higher?
It is just appropriate for this time of year to research an article on the subject of supply and demand, and how it …show more content…
In this case the demand for turkeys increase on Thanksgiving Day meaning that more people are willing to buy frozen turkeys at any given price. This means that an increase in demand (in this case turkey) is going to raise both, the equilibrium price and the quantity. If the opposite were to happen and a decrease of demand for turkeys during Thanksgiving occurred, then it would cause a decrease on demand. A decrease in demand of turkeys during a thanksgiving date and a larger increase in supply (of turkey) means that fewer turkeys will be demanded at the same price, yet at the same time more turkeys will be supplied at the same price (Rittenberg & Tregarthen, 2009,), so if a decrease on the demand for turkeys would occur, but at the same time the supply of turkeys continue at the same price, then it lowers the equilibrium price and quantity. Rittenberg and Tregaethen noted that “A decrease in demand lowers equilibrium price and lowers equilibrium quantity and at the same time, an increase in supply lowers equilibrium price but increases equilibrium quantity”