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GOAL!

thank you! :)

milk

Example of related goods

The factory manager has three choices to manufacture: yogurt, milk, and chocolate.

yogurt

  • factory manager will pick milk most likely as the price and demand for it will be higher because they have to make it with the milk and everyone uses milk no matter what season.

Example of producer expectations

Going back to the factory manager, the factory manager will pick chocolate instead if the month is February as it is the month of Valentine's to give chocolate causing a higher demand for chocolate as a result.

chocolate

  • this is an example of an increase

Once again going back to the factory manager, when Valentine's Day is over, the factory manager can easily predict the demand and price for chocolate will fall so they will continue selling milk as usual.

chocolate

  • this is an example of a decrease

producers expectation

Producers expectation

  • Just as consumers sometimes make current buying decisions based on their expectations of future income, suppliers make current production decisions based on their expected future income.
  • The expectations they have of future changes in the price of their products can affect how much of their product they supply to the market now.
  • Producer's income depends on the prices they can charge for their products.

Price of Related Goods And Producers Expectations

Answers for candy

  • In 2002 during November, turkey prices go up but in December they go down. what happens to the curve in the turkey market?

Prices of Related Goods

  • Explain why egg dye will be popular in April than in August?

The supply for one good often is connected to the supply for its related goods.

By: Sabrina Sekander, Reynalyn Aquino, Jonathan Lee And Sarah Tatum

  • Meaning that changes in a products price can affect the supply for the products related goods.

Any questions other than wanting candy

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