05 Jun estion Analyze the changes that have taken place in t
Question
Analyze the changes that have taken place in the Greek yogurt market since 2007 – 08 points
a. Identify the changes in Demand and the factors that led to that change
b. Identify the changes in Supply and the factors that led to that change
c. Graph the changes using the model of Supply and Demand
d. Describe the change in equilibrium price and quantity
2. Analyze the changes that have taken place in the milk market as a result of the changes in the yogurt market. – 07 points
a. Identify the changes in Demand and the factors that led to that change
b. Identify the changes in Supply and the factors that led to that change
c. Graph the changes using the model of Supply and Demand
d. Describe the changes in equilibrium price and quantity
e. Describe how the federal formula that calculates the price of milk acts as a price ceiling and describe the consequences for the milk market
Greek Yogurt Sales Rise 2500% In Just Five Years
http://www.huffingtonpost.com/2011/08/23/greek-yogurt-sales_n_933986.html
In the past five years, US sales of Greek-style yogurt- which is strained of excess water to become thick, flavorful and high in protein — have risen from $60 million a year to a staggering $1.5 billion a year, according to a fantastic report by NPR. That means that in just half a decade, one of the worst economic periods of the 20th century, sales of Greek yogurt grew 2500%.
In March, Business Insider picked up a report by UBS that indicated that sales were doubling every year, calling it “one of the hottest-growing food categories of all time.
The reports all agree on one driver of the rapid adoption: health. Consumers have consistently cited Greek yogurt’s low-fat, high-protein nutritional profile as a major reason for splurging on the style, which often costs twice as much as its competitors. The most enthusiastic customers have generally been affluent women — just the type of person who would love to be told by John Stamos that Greek yogurt is “the best in the world.”
New York’s Dairy Farmers Squeezed By Greek Yogurt Boom
by DAVID SOMMERSTEIN – September 03, 2013 4:00 AM
Upstate New York has lugged around the Rust Belt identity for decades now.?But today, the region is trying on a new reputation as the king of yogurt — especially the high-protein Greek yogurt that consumers crave.
Greek yogurt leaders Chobani and Fage started the boom in 2007 and 2008, and production has tripled since then. Now there are more than 40 yogurt plants scattered across the state, surpassing even California’s yogurt industry. Steve Hyde, who directs the Genesee County Economic Development Corp., calls New York “the Silicon Valley of yogurt.”
But can New York’s dairy farmers keep up?
New York Gov. Andrew Cuomo and the state Legislature have passed all kinds of programs to induce dairy farmers to meet the milk demand. There are grants for modern milking equipment, new business plans and anaerobic digesters that turn manure into electricity.
But even with all that, New York’s dairy herd is no bigger than it was last year.?Mike Kiechle, a small dairy farmer, says he’s one of the ones who would like to expand but can’t.
One big problem is that milk doesn’t obey the laws of supply and demand. A federal formula sets the milk price farmers are paid by region. And that price doesn’t necessarily rise because there are a bunch of Greek yogurt plants looking for milk nearby. So to add, say, 50 cows, Kiechle’s looking at a frightening risk.
“I’m going to have to have some more land,” Kiechle says. “My equipment’s not big enough. My barn’s not big enough. And the return that we’ve had the last 10 years, you’ve got to think twice before you invest your money there.”
Despite the challenges small farmers are facing, New York is producing about 3 percent more milk. Farmer Shelly Stein says that’s because a lot of bigger dairy farms are milking smarter. They’re encouraged by the Greek yogurt future, so they’re investing in new technology and bigger, cleaner barns that make the cows more productive.
“I now have a stable market and a demand for our milk,” says Stein. “It allows us to invest in growing our business, attracting our young people back to our farm businesses and showing a greater investment into what makes us efficient.”
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