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Discussion: Demand for Poultry Rises Almost 40 Percent During Ramadan
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EnricoEberhard |
Demand for Poultry Rises Almost 40 Percent During Ramadan
Oct 1 2009, 12:48 PM EDT
http://www.hurriyetdailynews.com/n.php?n=demand-on-poultry-rises-in-ramadan-2009-09-13The link above leads to an article from the 13th of September which talks about the overall increase in demand for poultry during the Ramadan holiday. According to the article, the almost 40% rise in demand was caused by the increased consumption of "light" and "easily digestible" foods for the fast-breaking meal. Because meat is necessary for a "complete" iftar (fast-breaking meal), poultry was chosen to be the most suitable by the consumers. The law of demand states that, ceteris paribus, over a certain time period, as the price of a certain good falls, more of that good is demanded, and vice versa. However, the price was not the key factor, as a price discrepancy was agreed upon before the demand rose. In other words, the entire demand increased, not just the quantity demanded, due to a change in tastes and preferences. As the taste of the people changed to poultry, more was bought at the same price, which is an increase in total demand due to a determinant, in this case tastes and preferences. Do you find this valuable?
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Enrico Eberhard
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EnricoEberhard |
1. Looking at Supply
Oct 2 2009, 3:53 AM EDT
The supply did not change with the demand, and a shortage of poultry arose. Demand is greater than supply, which puts pressure on the price to go up.
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