Beef and Eggs Essay

Submitted By Mewantaccess
Words: 774
Pages: 4
Open Document
Research Paper
The way a consumer responds to price changes in services or products determines how well the product or service sells. If demand is high the product or service will more than likely sell if supply is adequate and the price is desirable.
Beef and Eggs Supply, demand, and price controls determine how much of a product is available, how in demand the product is with consumers, and at what price consumers are willing to pay for a certain product or service. Demand is defined as the amount of a product or service that a consumer is willing and able to buy at different prices in a time period. Supply, on the other hand, provides the amount of such products and services that their producers are willing and able to product and make available for sale at certain prices in a period of time. Price controls are put onto products or services to restrain from price inflations (McConnell & Brue, 2005). Supply, demand, and price controls interact with each other in different ways and affect the equilibrium price of products such as eggs. When eggs are in demand, it means that consumers are willing and able to purchase eggs at a specific price. However, as the prices of eggs increase, the demand for eggs begins to drop and suppliers find that there is a surplus of eggs that will not be consumed. To avoid a surplus in eggs, suppliers need to find the equilibrium price that consumers will consume just the right amount of eggs so that there is no surplus of eggs and fulfilling the demand of eggs so that each consumer who wants eggs can purchase them. In connection with the supply, demand, and price controls on eggs, even with significant increases or decreases in price, eggs have no substitute other than artificial egg substitutes, which are more expensive than a dozen eggs. Since there is no substitute, the demand for eggs is inelastic to that of say beef (McConnell & Brue, 2005). Beef is an elastic product, unlike eggs. Since eggs have no other substitution than artificial ones, such as egg beaters, changes to the price of eggs do not affect their supply or demand. On the other hand, beef is a very elastic product. There are many substitutes for beef, such as pork and poultry, so as the price of beef rises, the demand for beef falls and instead the demand for pork or poultry rises. This makes beef a more elastic product than that of eggs (McConnell & Brue, 2005).
Pepsi and Coca-Cola Pepsi and Coca-Cola are very similar products, both being carbonated drinks and can easily be substituted for the other. So if the price of Pepsi has doubled, more consumers would purchase Coca-Cola and less Pepsi (McConnell & Brue, 2005). If however, there had been no change in the price of either product, but consumer’s income is reduced to 30%, then both products may see a decline in demand. With a decrease in income, fewer consumers can afford to purchase the product, so the demand for the product will reduce (McConnell & Brue, 2005). On the other
Show More

Related Documents: Beef and Eggs Essay

Mr Lee Essay

Tacos #2 Super Burrito #3 Two Softshell Tacos Beef or Chicken #4 Taco Bravo® #5 Meat & Potato Burrito Beef, Chicken, or Crunchy Chicken #6 Grilled Burrito Beef or Chicken burritos #7 Quesadilla Melt Cheesy, Beef or Chicken #8 Beef Softshell and Beef Meat & Potato Burrito #9 Stuffed Grilled Taco Beef, Chicken or Crunchy Chicken Beef or Chicken • A soft flour tortilla filled with your choice of our specially-seasoned beef or chargrilled chicken, lettuce, shredded cheddar…

Words 1031 - Pages 5

Vietnamese Cusine Essay

Deep fried shrimps served with lettuce and Hoisin sauce Vietnamese Sausage/Grilled Pork Rolls (2 Rolls) .Gỏi Cuốn Thịt Nướng (2)-Fresh Grilled Pork Rolls .Chim Cút Rôti- Roasted Quail Marinated quail roasted to perfection .Bò Tái Chanh/Me Thái- Beef Num Tok in Lime/ Tamarind Sauce Lightly grilled flank steak served with fresh lettuce and a tamarind/lime dressing .Mực Rang Muối- Fried Squid .Hến Xúc Bánh Đa- Baby Clams with Sesame Crisp Crackers Baby clams sautéed w/ special spices & herbs…

Words 3259 - Pages 14

Oregano: The Most Popular Herb In Greek Food

Balkan cuisine and Mediterranean cuisine, with several variations. Pastitsio – baked macaroni, topped with ground beef and béchamel sauce Bamies - stewed okra in a tomato sauce Saffron - An orange-yellow flavoring, food coloring, and dye made from the dried stigmas of a crocus: "saffron buns". Recipes Pastitsio and béchamel sauce · 1/2 cup olive oil · 2 lbs. ground beef (or ground lamb, or a mixture of both) · 1 large yellow onion, chopped · 1 cup dry white wine · 1 14 oz. can tomato…

Words 426 - Pages 2

Narration: Milk and Milk Fat Nonfat Essay examples

lentils Tofu (soybean curd), seitan, Egg whites, egg substitutes Fish and shellfish All kinds allowed, but limit use of shrimp, lobster and sardines to no more than one serving (3-4 ounces) of one of these each week. Skinless chicken and turkey CHOOSE LESS FREQUENTLY Red meats Choosing from very lean cuts of beef, veal, pork, lamb, less than 10% fat ground beef. *Ideally, limit red meat consumption to 5-7 ounces/week AVOID Egg yolks High fat luncheon meats i.e., : bologna…

Words 780 - Pages 4

Bluegrass Hospital Case Study

The food specific attack rate for egg salad amongst the individuals who actually consumed this menu item for dinner was 35.71. This was the highest estimated food specific attack rate amongst the eight menu options that were consumed by the patients and staff of the Bluegrass Hospital. It appears based on the figures that the food item that was most likely the cause of the common source outbreak is egg salad. An incubation period is the period of time between when…

Words 952 - Pages 4

Chinese Broccoli With Oyster Sauce

if you have any straight away. What food can be boiled: Farinaceous goods: rice, pasta, gnocchi, polenta and vegetable. Green vegetables: silver beet, broccoli, snow peas and cauliflower. Root vegetable: potatoes, carrots, sweet potatoes. Eggs, lentils, chickpeas, kidney beans Simmering: this is similar to boiling but not as hot the temperature is 95 – 98 degrees C. This is good for sauces. Safety when simmering: When simmering you have to take care not to burn yourself from the…

Words 2291 - Pages 10

Essay on

Nagano Sushi has over twenty kinds of sushi. Terbaco sushi with crab stick, egg, cucumber and avocado, Mixed roll, Chicken with avocado, Chicken with cucumber, California roll, Chicken Kastu, Avocado roll, Vegetable roll, containing carrots, cucumber, avocado and lettuce, Satay chicken, Satay beef, Teriyaki beef, Salmon roll with avocado, Tuna roll with cucumber, Prawn roll with avocado, Salmon and Tuna roll and Delax roll with egg, salmon, cucumber, tuna, avocado and prawn. Mixed roll, avocado roll, vegetable…

Words 1233 - Pages 5

Senior Seminar Research Proposal Essay

stages (eggs, larvae, pupae, adult, and carcass) for flies when collecting insects from corpses. The egg stage of the fly is characterized by the laying of between 150-200 eggs, with the exception of some flies lying between 2000-3000 eggs, found on the body in cluster form within areas that provide protection, moisture, and food (Gennard, 2007). Fly eggs are typically shiny and white; the eggs have a similar appearance to that of a grain of rice. The reason for specific placement of eggs on a decomposing…

Words 3256 - Pages 14

Essay on new menu may 1

Fried egg sandwich 8 Yogurt fruit cup 6 Breakfast taco 3.5 Breakfast buritto 6.5 Breakfast sides: Multi grain toast 1, sausage patty 2, bacon 2, fresh fruit 3, hash brown 2.5, avocado 2, pancake 3 Beverages Coffee 3 Latte 4 Cappuccino 4 Espresso 2 Hot tea 2.50 Fresh juice 3 Sparkling water 2.50 Bottled water 1 Soda 1 Fruit smoothie 4 Salads Hail Caesar 8 Popeye’s Spinach 11 Great Beet 11 Mediterranean 11 Cobb Salad 11 Wild Arugula 11 Gale’s Kale 10 On the bun add fried egg ($1) Royale…

Words 349 - Pages 2

Importance Of Vitamin D

Vitamin A helps form and maintain healthy teeth, bones, soft tissue, mucus membranes, and skin. Found in Dark-colored fruit, Dark leafy vegetables, Egg yolk, Fortified milk/dairy products, and then liver, beef, and fish. Vitamin B6 helps form red blood cells and maintain brain function. This vitamin also plays an important role in the proteins that are part of many chemical reactions in the body. Eating larger amounts of protein may reduce vitamin B6 levels in the body. Found in avocado, bananas…

Words 458 - Pages 2