Demand and Supply in action - pumpkins
Monday, September 19, 2011
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The recent hurricane on the East Coast of America has seriously affected the crop of pumpkins ahead of Halloween. The US is facing a shortage this year after Hurricane Irene destroyed hundreds of pumpkin patches across the region.
Wholesale prices have doubled in some places as farmers nurse their surviving pumpkin plants toward a late harvest.
The wholesale price for a bin of 32 to 45 pumpkins ranged from $150 to $200 in upstate New York - about twice the normal price.
This is a great example of weather affecting the supply curve (W in PINTSWC). Students could have a go at drawing the demand and supply curve to show this change.
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