Econs Q2 Setting Up Yogurt Ice Cream Store
Demand
Income
Singaporeans are more affluent now
Taste and Preferences
More Health Conscious
Reduces risk of getting High Blood Pressure
Substitutes
Other options (Andersen's ice-cream, Mcdonalds Ice-cream etc.)
Price
Greater Price= Smaller demand
Supply
Cost of Production
Higher prices of milk
Lower supply of yoghurt
Natural Factors
Cow contracts disease which prevents them from lactating and producing milk. LOL
Size of industries
more yoghurt shops, increase in supply
Government Policies
Subsidies to help Small Medium Enterprises
goods in joint supply
Supply of milk increase
Supply of yoghurt increase