Elasticity Of Pecan Market
The article "Big Crop Won't Reduce Pecan Prices" is about how the market for pecans affects the both the wholesale market and the retail market. The article describes how pecans are relatively inelastic around major holidays, such as Thanksgiving and Christmas. It is stated that there was a 150 million pound increase in pecans from the previous year. Since there was such a great increase in quantity supplied, the price decreased. Since the demand for pecans is relatively inelastic, consumers are not affected by a change in price. This article also describes the difference between the wholesale market and the retail market for pecans. Wholesale markets produce the pecans, and sell them to retailers for a low price; between seventy-five to eighty-five cents per pound. While the retailers purchase the pecans for a low price, they turn around and sell them to consumers for about five times the price they paid for them. The pecan producers have no control over the prices that......
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Approximate Word Count: 430
Approximate Pages: 2 (250 words per double-spaced page)
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Elasticity Of Pecan Market
Elasticity of Pecan Market. The article "Big Crop Won't Reduce Pecan Prices"
is about how the market for pecans affects the both ...
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