I'm sure you are thinking, "Mrs Rowland what does Pumpkins have to do with Economics?" Great question. Scorching weather and lack of rain this summer wiped out some pumpkin crops from western New York to Illinois, leaving fields dotted with undersized fruit. Other fields got too much rain and their crops rotted.
Pumpkin production is predicted to be down for the second straight year. U.S. Department of Agriculture figures show a slight production decrease from 2005 to 2006 in what the department estimates is a $100 million-a-year industry.
So, if you are a huge fan in decorating with the orange round object, better get going, small crop, higher prices.......great supply and demand lesson.
By the way did you know that northern Ohio, is the nation's top pumpkin state. There you go something to share at the dinner table this week.
Does the shortage concern you? Will a 10 cent increase per pound keep you from buying pumpkins? Does your family typically buy pumpkins, if so how many do you typically purchase? Do you think you will buy less?
5 comments:
The pumpkin shortage does slightly affect me and my family. Every year my mom goes and buys 2 large pumpkins and several small pumpkins just for decorations, and with a shoratge that will mean that the 10 cent per pund increase is going to affect the high price for the two large pumpkins my mom will purchase.
I don't think that a small increase in pumpkin prices is really going to cause people to stop purchasing them. My family bought about seven pumpkins last year to carve and we are still planning on buying pumpkins this year.
Rebecca DiFruscio
Last year my mother and I was complaining about the price of pumpkins. So now that they have gone up again it will affect if we actually buy any at all this year.
I doubt the ten cent increase er pound will slow pumpkin sales. Lets face it, when Halloween rolls around if you are a pumpkin person this slight increase in the price will likely not affect your decision. This is just a prime example of supply and demand. Crops are down prices are up. Thats some economics for ya. I see this as just a slight shift in the price that will likely barely even be noticed.
Every year my family buys atleast 2 pumpkins to carve and use for decorations. I dont think a 10 cent increase in the price will keep people from buying pumpkins. They may purchase less pumpkins than they usually do,but I dont think they will stop buying pumpkins all together.
-Kailah Ferrell
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