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What is Chicken Price Increase Analysis 2013 about?

The price of chicken increased in July 2013 due to factors that shifted the supply curve to the left, including a weaker ringgit, higher minimum wage, and increased feeding costs for chickens. During this time, demand for chicken was high due to Ramadan and celebrations, shifting the demand curve to the right. As a result, the price of chicken rose from RM6.00 to RM7.70 per chicken. Normally chicken is elastic, but during festive periods it is inelastic as consumers will purchase it regardless of price incr

Author

YuenJin

Language

EN