ECO201_Unit1_Application_Assignment.docx - 1 Macroeconomics Amanda Coburn The Interaction of Supply and Demand ECPI University 1 In 2015 the egg market

ECO201_Unit1_Application_Assignment.docx - 1 Macroeconomics...

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1 Macroeconomics Amanda Coburn The Interaction of Supply and Demand ECPI University
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1 In 2015 the egg market took a huge hit because of the bird flu outbreak, also known as the avian influenza outbreak. The egg market crashed after this due to farmers having to destroy millions of infected birds. In 2006 retailers were selling eggs for $1.41 on average but by September of 2015 eggs prices were $2.96 on average. The quantity of eggs severely decreased in 2015 due to the avian flu, which is the movement along the curve, therefore the prices had to rise in order to shift to the movement. Movement and shifts along curves can be impacted by multiple variables such as: income, prices of related goods, tastes, expected future cost and population and demographics. However, following the outbreak hens became more productive and egg production went up by 1.3% in 2017 resulting in 8.8 billion dozen eggs, this is the highest the egg production had been since 1992. In order to put that into perspective 8.8 billion
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