Question
In: Economics
Consider the market for onions in India during a two month period (Dec 2010 - Jan...
Consider the market for onions in India during a two month period (Dec 2010 - Jan 2011). The average price was running around Rs 30 in the first week of Dec 2010 and shot to above Rs 50 by the fourth week of December. The average price level usually hovers around Rs 15. Consider that the events were such that both the demand and the supply of onion in India were affected during the two-month period.
Supply Side -India largest producer of onions and government had been supporting aggressive export policies -Highly perishable and lack proper storage facilities (most farmers bring onions to market and unload entire stock within a month of harvest) -Crop is susceptible to disease and pests which can ruin the crop (fungal disease impacted the crop in 2010) -Crop is sensitive to weather (extended monsoon in 2010)
Demand Side -Consumers use onions daily regardless of income -Not many close substitutes and considered to be almost an essential item -Population growing -December-January is when people get married in India as well as seasonal celebrations increasing demand for onions and families stocking up in anticipation
What possible general combination(s) of changes in demand and supply would necessarily lead to an increase in the price of onions? Support your discussion by stating the average price during the two-month period.
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
Abbey INC. Balance Sheet Assets Dec. 31, 2010 Jan. 1, 2010 Inc./Dec. Equipment $39,000 $22,000 $17,000...
Abbey INC.
Balance Sheet
Assets
Dec. 31, 2010
Jan. 1, 2010
Inc./Dec.
Equipment
$39,000
$22,000
$17,000 Inc.
Less: Accumulated depreciation
-17,000
$ (11,000)
6,000 Inc.
Accounts receivable
91000
88,000
3,000 Inc.
Cash
45,000
13,000
32,000 Inc.
Total
$158,000
$112,000
Equity and Liabilities
Share capital—ordinary
100000
$80,000
20,000 Inc.
Retained earnings
38,000
17,000
21 ,OOO Inc.
Accounts payable
20,000
15,000
5,000 Inc.
Total
$158,000
$112,000
Net Income of $34000 was reported and Dividend of $13000 were
paid in 2010. New Equipment...
The following data relate to the sales of a product over an 8-month period: MONTH Jan...
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MONTH
Jan
Feb
Mar
Apr
May
June
July
Aug
Sales (units)
56
72
70
65
68
75
66
67
Price ($)
75
65
59
69
69
49
59
59
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Jan.
Feb.
Mar.
Apr.
May
June
100
92
112
108
116
116
Please fill the blanks in the table below to answer these three
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Date
ATT
SAMSUNG
2/22/2017
41.59
1897.31
2/23/2017
41.95
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42.36
1872.29
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1869.6
3/1/2017
42.04
1849.94
3/2/2017
42.07
1848.16
3/3/2017
42
1814.2
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41.95
1795.43
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41.88
1796.32
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Dec.
5
Paid accounts payable of $4,950.
6
Paid stadium rental of $8,500 in advance.
6
Purchased supplies, $720, on account.
7
Deposited $16,000 of admissions receipts.
9
Unearned admissions revenue is for gift certificates purchased
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10
Purchased $2,150 of concessions items on credit.
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The following transactions occurred during the month of December 2019: Dec. 5 Paid accounts payable of...
The following transactions occurred during the month of December
2019:
Dec.
5
Paid accounts payable of $4,950.
6
Paid stadium rental of $8,500 in advance.
6
Purchased supplies, $720, on account.
7
Deposited $16,000 of admissions receipts.
9
Unearned admissions revenue is for gift certificates purchased
for admission into future shows. $480 more of these gift
certificates were sold to a local restaurant business, for
cash.
10
Purchased $2,150 of concessions items on credit.
12
Acquired additional equipment worth $34,000...
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