the domestic market. us population factors that influence domestic demand a look at livestock...
TRANSCRIPT
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THE DOMESTIC MARKET
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US POPULATION
United States Population
100.0
150.0
200.0
250.0
300.0
350.0
Year
Mil
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FACTORS THAT INFLUENCE DOMESTIC DEMAND
A LOOK AT LIVESTOCK PRODUCTS
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Shifts in ConsumptionShifts in Consumptionfor Meatfor Meat
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WHAT HAS IMPACTED U.S. MEAT CONSUMPTION
CONSUMER TASTES AND PREFERENCES
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WHAT HAS IMPACTED U.S. MEAT CONSUMPTION
CONSUMER TASTES AND PREFERENCES
–HEALTH (LOW FAT POULTRY)
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WHAT HAS IMPACTED U.S. MEAT CONSUMPTION
CONSUMER TASTES AND PREFERENCES
–HEALTH (LOW FAT POULTRY)DEMOGRAPHICS
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WHAT HAS IMPACTED U.S. MEAT CONSUMPTION
CONSUMER TASTES AND PREFERENCES
–HEALTH (LOW FAT POULTRY)DEMOGRAPHICS
–AGE
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WHAT HAS IMPACTED U.S. MEAT CONSUMPTION
CONSUMER TASTES AND PREFERENCES
–HEALTH (LOW FAT POULTRY)DEMOGRAPHICS
–AGE–RACE AND ETHNIC BACKGROUND
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“However, dietary choices of people of various ethnic groups living in the United States continue to be influenced by the traditional food practices and/or religious customs. For example, many Asian Americans still eat a diet similar to traditional Asian diets, which include large amounts of rice accompanied by vegetables, soy products, fish and meat. Many Hispanic Americans continue to eat a diet based primarily on beans, rice, and corn tortillas, seasoned with chili peppers and accompanied by beef, pork and chicken and small amounts of dairy products.”
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WHAT HAS IMPACTED U.S. MEAT CONSUMPTION
CONSUMER TASTES AND PREFERENCES
–HEALTH (LOW FAT POULTRY)DEMOGRAPHICS
–AGE–RACE AND ETHNIC BACKGROUND–CHANGE IN HOUSEHOLD STRUCTURE
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WHAT HAS IMPACTED U.S. MEAT CONSUMPTION
CONSUMER TASTES AND PREFERENCES
–HEALTH (LOW FAT POULTRY)DEMOGRAPHICS
–AGE–RACE AND ETHNIC BACKGROUND–CHANGE IN HOUSEHOLD STRUCTURE–INCOME SHIFTS
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WHAT HAS IMPACTED U.S. MEAT CONSUMPTION
CONSUMER TASTES AND PREFERENCES
–HEALTH (LOW FAT POULTRY)DEMOGRAPHICS
–AGE–RACE AND ETHNIC BACKGROUND–CHANGE IN HOUSEHOLD STRUCTURE–INCOME SHIFTS–NEED FOR CONVENIENCE
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The Demand for a Product
the Law of Demand
as prices go up -- quantity demanded goes down (all other things remaining unchanged)
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Demand Schedule
Price Quantity$1.00 1000$2.00 900$3.00 800$4.00 700
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Demand Curve
price
quantity
a
b
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Why downward sloping?
Physical SatiationSubstitution effectIncome effect
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ELASTICITY OF DEMAND
THE RESPONSIVENESS CONSUMERS ARE TO A
CHANGE IN PRICE
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ELASTICITY OF DEMAND
% CHANGE IN QUANTITY DEMANDED
/% CHANGE IN PRICE
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• ELASTICITY OF DEMAND
IN THE CASE OF THE PRICE ELASTICITY OF DEMAND THIS IS A NEGATIVE NUMBER
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ELASTICITY OF DEMAND
ELASTIC VS INELASTIC
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ELASTICITY OF DEMANDPRICE
QUANTITY
DEMAND
VERY INELASTIC
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ELASTICITY OF DEMANDPRICE
QUANTITY
DEMAND
ELASTIC
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ELASTICITY OF DEMAND
NECESSITY VS NON-NECESSITY
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NECESSITY VS NON-NECESSITY
% OF INCOME SPENT ON A GOOD
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ELASTICITY OF DEMAND
HOW NARROWLY THE PRODUCT IS DEFINED
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Equilibrium
price
quantity
demand
supply
p
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DEMAND SHIFTERS
PRICE
QUANTITY
S
D1D2
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DEMAND SHIFTERS
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DEMAND SHIFTERS
SHIFTS IN POPULATION
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DEMAND SHIFTERS
SHIFTS IN POPULATION SHIFTS IN INCOME
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INCOME AND CHANGES IN CONSUMPTION --- CAN BE POSITIVE (A NORMAL GOOD) OR NEGATIVE (INFERIOR GOOD)
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A NORMAL GOOD:
INCOME GOES UP --- CONSUMPTION INCREASES
INCOME GOES DOWN -- CONSUMPTION GOES DOWN
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INFERIOR GOOD :
INCOME GOES UP -- CONSUMPTION DECLINES
INCOME GOES DOWN -- CONSUMPTION INCREASES
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Income Elasticity
% Change in Expenditure/
% Change in Income
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Income Elasticity
Can be negative (inferior) or positive (normal)
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DEMAND SHIFTERS
SHIFTS IN POPULATION SHIFTS IN INCOME SHIFTS IN THE PRICE OF COMPETING PRODUCTS
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GOODS MAY BE SUBSTITUTES OR COMPLEMENTARY OR INDEPENDENT
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SUBSTITUTE GOODS WOULD BE LIKE COFFEE AND TEA
IF THE PRICE OF COFFEE INCREASES THE DEMAND FOR TEA WOULD SHIFT OUT.
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COMPLEMENTARY GOODS ARE GOODS THAT ARE CONSUMED TOGETHER -- LIKE BACON AND EGGS.
IF THE PRICE OF BACON INCREASES THE DEMAND FOR EGGS MAY SHIFT INWARDS.
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INDEPENDENT GOODS HAVE NO APPARENT RELATIONSHIP. A PRICE CHANGE IN ONE HAS NO IMPACT ON THE DEMAND FOR THE OTHER.
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Cross Price Elasticity
% Change in Consumption of Good B
/% Change in Price of Good A
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Cross Price Elasticity
Can be positive or negative.
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Cross Price Elasticity
A positive elasticity would indicate a substitute relationship.
Price of Beef
Quantity of Pork
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Cross Price Elasticity
A negative elasticity would indicate a complementary
relationship.
Price of Bacon
Quantity of Eggs
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DEMAND SHIFTERS
SHIFTS IN POPULATION SHIFTS IN INCOME SHIFTS IN THE PRICE OF COMPETING PRODUCTS
SHIFTS IN CONSUMER TASTES AND PREFERENCES
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A FROST IN FLORIDA AND THE PRICE OF ORANGE JUICE GOES UP -- DEMAND FOR ORANGE JUICE?
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price
quantity
S
D1
p1
p2
PRICE OF ORANGE JUICE GOES UP -- DEMAND FOR ORANGE JUICE?
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MAD COW DISEASE OUT BREAK IN THE UNITED STATES -- DEMAND FOR BEEF?
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price
quantity
S
D1
D2
p1
p2
MAD COW DISEASE OUT BREAK IN THE UNITED STATES -- DEMAND FOR BEEF?
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MAD COW DISEASE OUT BREAK IN THE UNITED STATES -- DEMAND FOR CHICKEN?
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price
quantity
S
D1
D2
p1
p2
MAD COW DISEASE OUT BREAK IN THE UNITED STATES -- DEMAND FOR CHICKEN?
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price
quantity
S
D1
D2
p1
p2
MAD COW DISEASE OUT BREAK IN THE UNITED STATES -- DEMAND FOR CHICKEN?
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HIGHER UNEMPLOYMENT ... POSSIBLE RECESSION -- DEMAND FOR BEEF?
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price
quantity
S
D1
D2
p1
p2
HIGHER UNEMPLOYMENT ... POSSIBLE RECESSION -- DEMAND FOR BEEF?
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RED WINE FOUND TO REDUCE CANCER RISK -- DEMAND FOR WINE?
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price
quantity
S
D1
D2
p1
p2
RED WINE FOUND TO REDUCE CANCER RISK -- DEMAND FOR WINE?
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PRICE OF CHICKEN DECREASES -- DEMAND FOR PORK?
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price
quantity
S
D1
D2
p1
p2
PRICE OF CHICKEN DECREASES -- DEMAND FOR PORK?
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Where we eat our food.Total Expenditures
on Food
0
50
100
150
200
250
300
350
400
450
1970 1975 1980 1985 1990 1995 1997
Year
Bil
lio
n $
At Home
Away from Home
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