The Price Increase Of Garlic - 962 Words

Question 1 The dramatic price increase of garlic in China in 2009 can be explained by the supply and demand model. The swine flu epidemic caused tastes to shift towards garlic and increased the quantity demanded. The demand curve shifted to the right (D_1 to D_2 below), causing an increase in the equilibrium price (P_1 to P_2) and quantity (Q_1 to Q_2) of garlic (Stiglitz et. al. 2014 pp. 42-3). However, the low price of garlic in the previous year discouraged farmers from planting garlic crops (Wai-yin Kwok, 2009). Farmers could not respond quickly to the price increase by returning to garlic production. As the short-run supply curve was relatively inelastic, the rightward shift in the demand curve increased equilibrium price substantially more than quantity (Stiglitz et. al. 2014 pp.63-5). Chinese investors stockpiled wholesale supplies in prediction that the price would continue to rise. The supply curve shifted to the left (S_1 to S_2), contributing to an even higher equilibrium price (P_3) and lower quantity (Q_3) (Wai-yin Kwok, 2009). Question 2 (a) As the demand for tertiary education in Australia is likely inelastic, the Vice Chancellor’s plan to increase fees by 5% would be successful in increasing total revenues by less than 5%, depending on the degree of elasticity of tertiary education in Australia. Graph A shows that a price increase along an elastic demand curve causes a more than commensurate decrease in quantity demanded. This offsets the increase inShow MoreRelatedNutrient Density And Nutrient Nutrients1338 Words   |  6 Pagesnutrient dense food. Garlic It is nutrient dense food because it is high in vitamins C, B1 and B6, Calcium, It has been shown to lower blood pressure and total and LDL cholesterol, while raising HD. L Garlic is also very potent at killing pathogens like bacteria and fungi. have long been claimed and the stinking rose treatment has been used extensively in herbal medicine (phytotherapy) down the centuries. Many of the claims are best unproven, however there are some very positive garlic health facts thatRead MoreThe Price Increase And Demand Model2215 Words   |  9 PagesQuestion 1 The dramatic price increase of garlic in China in 2009 can be explained by the supply and demand model. Perfect competition is evident in the agricultural industry, as there are many producers who act as price-takers. In the previous year, low prices discouraged farmers from continuing to plant garlic crops. Many farmers turned to growing produce that they believed would be more profitable and hence, garlic supplies declined. The supply curve shifted to the left (S_1 to S_2 below), causingRead MoreDomino s Is Putting More Emphasis On Fresh And Quality Pizza1264 Words   |  6 Pagesincluding Australia. 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Known to have been introduced by the Qing Dynasty of China, it originally come with varied fillings like spring garlic chives, crab meat, mutton and pumpkin, or mixed seafood. Varieties of it started to evolve as the food was introduced in various provinces where it was adapted to people’s regional tastes. Nevertheless, the western country would associate the food