The Mystery of the Falling Turkey Prices
Turkey prices are down by 6.1%. But because of bird flu (avian influenza), they should have gone up. Affecting 494 herds in 16 states during the past three years, bird flu diminished flock size by 100 million. This month alone, the disease infected a whopping 300,000 birds. As a result, on a supply and demand graph, the supply curve should have shifted to the left, increased price, and decreased quantity: However, there is more to the story. Yes, during the past 20 years, the bird count has dipped: Still, constraining the leftward shift in our supply curve, farmers paid less for their feed grain. ….[READ]
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