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Supply

Determinants

Non-price

Goverment subsidies

Goverment may subsidise production of healthy food as part of campaign to promote healthy living amongst the citizens>Lower cost of production of Yoghurt ice cream>increase in supply of the food

Technology!!!!

Technology Improvement > > Cheaper, more efficient methods of production >> Easier to produce Ice Cream

Size of industry

-the only industry to make Yoghurt Ice Cream >must make everything by himself >>so supply lower

Natural factors

warm weather> increase supply of Yoghurt ice cream to prepare for a rise in number of consumers

Cost of production

Higher cost of production, lower profit. May switch to alternatve products to sell

State of technology

Quality of ice cream and milk

Organisation and management

Techniques of production

Improvements in ice cream machine and labour performance

Changes in factor(input) prices

Maintanence Costs

Cost of raw materials such as milk and ice cream

Cost of renting the stall and machinery(if not bought) and maintenance of both.

Cost of hiring external labour to man the ice cream stall

Price

Price of product

the higher the price, a higher quantity will be supplied, ceteris paribus

Demand

Population

-Size of population increases>demand for many products like yoghurt increases

Taste and Preference

- People nowadays have different food preference. - More prefer healthier food. - Hence demand for Yoghurt Ice Cream would increase since it is far healthier than other products.

Competitors in Ice cream

- Other brands of ice-cream might come along - Hence, subsitutes (goods in competetive demand) exist. - If the price of other brands are lower than that of Yoghurt Ice Cream, demand drops and vice versa.

Income Of People

- Income of the consumers increases - An increase in their purchasing power - Thus they would be more capable to afford yoghurt ice cream - Higher demand resulted

Set up a yoghurt ice cream store after "A" Levels Exam - PDG 0212 Group 5

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evryopne here ?

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Choice

Go To University

May gain academic qualifications for future career

Set Up Yoghurt Ice Cream Stall

May earn high income if successful

Opportunity Cost

If choosing to set up shop

A Degree in University that you would want (Qualifications) + First Class Honours

If choosing to go university

Experience in enterprise-related skills (trading & marketering) No profit (econiomical gains)

Scarcity

Unlimited wants for milk, limited supply of milk

Increased cost of production

High price of milk