Florida’s orange trees have suffered from hurricanes, and most of Florida’s groves have been infected by greening disease, which causes trees to produce green and bitter fruit. The price of orange juice is rising. Demand for orange juice is going to decrease because consumers can’t afford it and many will not like the taste.—washingtonpost.com
Category: MIT2
How Markets Work (Demand and Supply, Applications, Extensions)
Keywords: Equilibrium price, Equilibrium quantity, Elasticity, Efficiency
Parkin 14e Chapters 3, 4, 5
Bade-Parkin 9e Chapters 4, 5, 6
Parkin-Bade Canada 11e Chapters 3, 4, 5
Parkin-Bade Australia 2e Chapters 4, 5, 6
Parkin-Powell-Matthews 11e Chapters 3, 4, 5
New York AG Warns of Price Gouging on Masks Amid Air Quality Issues
Consumers are purchasing facemasks, air purifiers, and air filters as smoke drifts over New York from Canada’s wildfires. As demand rises, New York’s Attorney General is warning consumers to be wary of price gouging. New York law prohibits businesses from selling vital goods for an excessive price during emergencies.—usatoday.com
Platinum Market Seen Near Million-Ounce Deficit Amid Supply Shortage
The platinum market is forecast to move to a nearly one-million ounce shortage in 2023. Automakers are creating an upswing in demand as they substitute platinum for palladium in autocatalysts. Three-quarters of mined platinum comes from South Africa, where electricity shortages have significantly curtailed the refining.—wsj.com
Man’s Best Friend Meets Shoppers’ Worst Enemy: Pet Food Inflation
Americans paid 15% more for pet food in February than they did a year ago. In 2022, more than 110 million U.S. households spent an average of $680 on pet products—an 11% rise over 2021.—usatoday.com
Shortage of Cooking Oil Looms as Biofuels Gain Global Appeal
Governments are embracing energy made from plants like soybeans or canola creating a shortage of vegetable oils used in cooking. A severe drought has devastated Argentina’s soybean oil production. In Europe, restrictions on bee-toxic pesticides will curb planting of rapeseed, and Russia’s ongoing invasion of Ukraine will slash sunflower oil exports.—bloomberg.com
Novo Nordisk Will Cut Some U.S. Insulin Prices By Up To 75% Starting Next Year
Novo Nordisk will slash insulin prices next year, following a path set by rival Eli Lilly. Patients have long called for insulin price cuts. High insulin prices force many people to ration doses, which can be dangerous for their health. Insulin prices have more than tripled in the last two decades. —npr.org
Sky High Egg Prices Crack Open Market For Alternatives
Egg prices are rising due to rising prices for feed, packaging, and labor, and avian flu. "A lot of people are concerned with not being able to get eggs," says chicken farmer Ron Kern. Instead of selling fresh eggs, Kern freeze dries them, charges $20 a dozen, and sells out immediately. —npr.org
Natural Gas Prices Haven’t Been This Low Since Russia Went to War
Natural gas prices in Europe are tumbling. Record-breaking warm weather and efforts to use less gas have helped. Europe is boosting imports from Norway and buying imported liquefied natural gas. Consumers in countries with a price cap for a set period aren’t paying lower prices yet.—cnn.com
Thanksgiving Plans Changing for Many Over High Turkey Prices
A quarter of Americans plan to forgo Thanksgiving in 2022 because of high grocery prices. Avian flu and higher feed costs have contributed to a spike in prices. The average price was $1.33 per pound at Thanksgiving 2021. Now prices are as high as $1.83 per pound.—kjzz.com
Fewer Chickpeas Means Cheap Protein Could Be Harder to Find
Farmers in the United States planted fewer chickpeas this year as poor weather bogged down spring planting and they prioritized other crops like wheat and corn. Grocery stores report a 12% increase in chickpea prices over last year.—reuters.com