¶ … Price and Quantity of Milk
A Scientific Study Declares Milk Good for the Human Body
In such a case, the quantity of milk demanded will increase. The increase in the quantity of milk demanded in this scenario can be attributed to the change in customer preferences. Here, the number of customers demanding the product (for its declared benefits) will increase. Further, it is also likely that the existing consumers of milk will increase their consumption of the same. The demand curve in this case will shift to the right.
Outbreak of the Mad Cow Disease
In this scenario, the quantity of milk demanded will not change. The reason for this has got to do with the fact that so far, there is no evidence linking the consumption of milk from cows having the mad cow disease with any adverse health effects on those who consume such milk. The key assumption here is that the public is well informed that such milk is harmless. However, should we replace milk with beef in this scenario, things will be different. Research has in the past indicated that the consumption of beef from a cow suffering from the mad cow disease has adverse effects on the health of human beings. Hence in the case of beef, the outbreak of the mad cow disease would decrease the quantity of beef demanded hence shifting the demand curve of beef to the left. Such an occurrence would take place as people increase their demand for substitute products such as mutton.
c. A Decrease in the Price of Milk
A decrease in the price of milk will bring about an increase in the demand for the same. It is important to note that in this case, rather than the demand curve shifting, movements will be experienced along the demand curve. The decrease in the price of milk could also bring about a decrease...
Price and Quantity of Milk When the Following Events Occur: An advertising campaign highlights scientific studies that find drinking milk can help reduce weight gain. Demand: the demand of milk will increase because it also serves another purpose i.e. weight reduction. The demand curve will move to the right to depict increase in quantity demanded. People are investing so much in weight reducing items like slim fast shakes, diet pills etc.
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