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Consumers want both the normal ice cream and yogurt ice cream
Due to limited money, usually consumers would only purchase one type of ice cream.
Inferior good
Since the income of Singaporeans is expected to increase, they would turn away from the inferior goods and instead start demanding for the normal and more superior goods. Hence, the demand of inferior ice cream will decrease.
Normal good
As the income of Singaporeans will be higher in the year 2012, they will be more willing to demand for more of the ice cream. Hence, demand of the ice craeam will increase.
Consumers who are more health conscious may prefer yoghurt ice cream as it is a healthier alternative to ice cream, and yoghurt ice cream reduces the possibility of getting high blood pressure. Hence, the demand for ice cream will increase.
Complementary goods (goods in joint demand)
Such as ice cream and ice cream cones
Substitutes (Goods in competitive demand)
Due to the presence of the 3 different competitors, all of which sells ice cream which can satisfy the same wants of consumers, a increase or decrease in prices of any of the 3 competitors will affect the quantity demanded of our store.
I will need to consider the price of the yogurt itself to ensure that quantity demanded by consumers will generate sufficient revenue to ensure that the total profit will increase, assuming total cost remains constant (Total profit = Total revenue - Total cost )
Since the price of Milk, one of the factors of production for the ice cream, is expected to increase, i may decide to supply more of it presently since it is cheaper to do so.
Mad cow diseases, less cow thus less milk produced.Bad weather conditions affects supply of agricultural products which are needed to make yogurt ice cream’s flavors
The main ingredient of yogurt ice cream is milk.When price of beef increases, quantity supplied of beef will increase. The supply of milk with a lower price will fall. This is because producers want to generate more revenue from beef which has a higher price.With a lower supply of milk, it will not meet the demand for milk. Then the price of milk will then increase.
Since milk, one for the raw materials used in the production of yogurt experiences an increase in price. Producers will cut back on production of yogurt, hance leading to a lower quantity supply.
More quantity will be supplied since the price of the product will increase due to the increase in the price of the milk. Hence producers may want to generate more revenue by increasing quantity supply.
