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Article Analysis

In: Business and Management

Submitted By bradfordka
Words 689
Pages 3
Article Analysis
Angela B. Bradford
October 29th, 2012
ECO/365
Ashok Padhi

Trends often have patterns weather they are because of marketing, consumer needs or changes in culture. I was interested in the product many in this country love to drink and it is coffee. Coffee is something I do not consume therefore I was interested in the trends and what made coffee so popular. I will be describing what occurs to make the demands of the good and its market and equilibrium prices, assuming the supply remains the same. I will then describe the change that has occurred with the supply of the product and its market and equilibrium prices, assuming demand remains the same. Lastly I will give my opinion on this products demand price if it is elastic or inelastic and what that implies about how consumers respond to changes in the price of the product. Coffee is the second largest commodity on the world followed by petroleum. Why is the demand so high? With the growth of coffee houses and coffee bars their came a shift in the specialty coffees and express coffees. The demand of specialty coffees has grown from 12 percent to 16 percent this year alone and that number is not prejudice to any age group gender or race. The consumption is now soaring again this year based on a growing economy and younger consumers getting into the mix. Supply on the other hand is in a shortfall and is approaching their lowest levels in 11 years. We currently have a big demand and a dwindling supply. There are two factors involved and that is bad weather and commodity speculators. Coffee prices rose in part because Colombia, a major producer of high-end Arabica beans, has had four years’ worth of meager harvests due to unusually heavy rains. Then, Prices fell dramatically on expectations that Brazil, the world’s largest coffee producer, would experience an unusually strong harvest. This...

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