Supply & Demand

Topics: Supply and demand, Economic equilibrium, Price point Pages: 2 (774 words) Published: April 24, 2014
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 relates to our Thanksgiving Day’s main meal which is the Turkey. The article compares the difference in prices between a freshly killed turkey, and the most commonly purchased for that occasion which is the frozen turkey. According to the article, based on government data “frozen whole-turkey prices drop significantly every November; over the last decade, retail prices have fallen an average of 9 percent between October and November” (Rampell, 2013, para.1) Based on our readings of chapters one and six, we have learned that “demand is the amount or quantity of a product that customer are willing to purchase at any given price, assuming that everything else remains unchanged”, at the same time we have learned that “supply is the amount or quantity of the product that suppliers are willing to supply in the market at a given price”, so in this case the law of demand states that, if all other factors remains equal, the higher price of any good, then the lower of demand of the product is in the market (Rittenberg & Tregarthen, 2009). We have learned that is the demand curve shifts outward, prices should then rise. The article gives us some good examples on why this occurs. It tell us how...


References: Rampell, C. (2013, November 19). Why Is Turkey Cheaper When Demand Is Higher? - NYTimes.com. Retrieved November 24, 2103, from http://www.nytimes.com/2013/11/24/magazine/why-is-turkey-cheaper-when-demand-is-higher.html?_r=0
Rittenberg, L., & Tregarthen, T. (2009). Principles of Microeconomics. Retrieved November 20, 2013, from http://ezproxy.apus.edu/login?url=http://ebooks.apus.edu/ECON101/Rittenberg_Ch11.pdf
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