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Agricultural markets

QuestionAnswer
What is demand like in agricultural markets? Fairly consistent
What is supply like in agricultural markets? Set in advance
Equilibrium in agricultural markets Market-clearing price
What does a perishable crop supply curve look like? Backwards L
What is price for perishable goods determined by? Demand and harvest amounts
Perishable goods Goods that cannot be stored in a warehouse
Price minimum The absolute lowest price a farmer can justify going out into the field for
What are the prices for a larger harvest? Lower prices
What does a nonperishable crop supply curve look like? A diagonal line between Pmin and maximum price
Nonperishable good A good that can be stored and sold later
What do seasonal price patterns suggest? Price is lowest right after harvest
Why do prices rise over time? Storage costs rise
What new information can vary price? Planting estimates, yield estimates, yields in the Southern Hemisphere
Flow commodities Marketed every week of the year
What determines a farmer's willingness to sell? Expected price
What influences farmer's supply most? Relative prices
Production lag Hinders adjustments to the market, happens because supply is set after demand changes
Cobweb model A model of continued disequilibrium, happens because production in the next period is determined by this period's price and not next period's demand
What does the next period's production correspond with? Last period's price
Why does disequilibrium happen? Overreaction to prices
Farm-to-retail spread The difference between the price farmers receive and the price consumers pay
Market basket How much money a farmer gets from their own good, has decreased
What affects price spread? Amount of processing needed, amount of a commodity supplied to processors, dollars needed to cover costs, costs of marketing
Created by: user-2052955
 

 



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