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Identify causes for shifts in supply and demand for eggs…

Identify causes for shifts in...
Identify causes for shifts in supply and demand for eggs
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6/28/2010
Bryan
Bryan, Professor
Category: Homework
Satisfied Customers: 40
Experience: PhD in Economics and am a university professor.
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Hi Brittany. I am an econ prof so let me help you out.

With regards XXXXX XXXXX there are five categories to the possible shifts in demand: (1) income, (2) prices of related goods, (3) tastes, (4) market size, (5) expectations (sometimes this last one is omitted in textbooks.

So, with eggs consumers' incomes might change. How the demand curve shifts depends on whether the good is a normal good (higher income means greater demand) or an inferior good (a higher income means less demand - people substitute to "better" items). Eggs are probably a normal good. Thus, if consumers' incomes tend to rise (lowered unemployment and increased average salaries) then the demand for eggs will shift out. Related goods can be either substitutes or complements. A complement good may be bacon. People like to eat bacon with their eggs. If the price of bacon increases then the quantity demanded for bacon decreases and the demand for eggs shifts in. A substitute good may be bagels - people can either eat eggs for breakfast or eat a bagel. If the price of bagels increase then consumers shift to eggs and its demand shifts out. An example of a taste may be dietary changes. For example, when the Atkins diet was really high people shifted away from high-carb foods towards meats. Thus, egg demand shifted out. Finally, market size captures the number of consumers. Population increases would, then, shift out the demand.

With regards XXXXX XXXXX there are four shifts in supply: (1) costs, (2) technology (these two may be combined in your text), (3) market size, and (4) expectations (which again is often omitted).

With regard to costs maybe minimum wage laws push up the salaries of workers or maybe baby chickens become more expensive. This would shift in/up the supply curve. Technology advances lower the average cost of production and shift out the supply curve (an advance in the collection of eggs or chicken hormones that make hens produce more eggs). Market size is the number of suppliers. With high profits farmers in other areas may shift to egg production. This would shift out the supply curve.

I hope this helps. Please let me know if you have any questions or need additional examples.
Bryan
Bryan, Professor
Category: Homework
Satisfied Customers: 40
Experience: PhD in Economics and am a university professor.
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