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Demand and supply in action - Lamb prices surge as supply drops, demand rises

Ben Christopher

27th April 2011

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Great example here of how the market price for lamb is affected by both demand and supply side factors.

Here we see the market knocked off its equilibrium by a shift outwards of the demand curve for lamb caused by what seems to be a change in preferences (PASIFIC - Fashions and tastes in our mnemonic) and a shift inwards of the supply curve blamed, amongst other things, “on the ending of a government support program and extended drought followed by recent flooding” (PINTSWC - cutting of Subsidies and bad Weather).

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Ben Christopher

Now teaching in Dubai.

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