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ECON 6001 Economic Principles

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Question:

Yeppoon farmer Ian Groves says his trees are in full flower and reports from other areas of the country indicate a good season Australia wide. But Mr Groves says that is not necessarily a good thing for producers."The mango crop everywhere across Australia looks to be a bumper, so we might not be looking at a lot of money per tray," he said.
"All reports from Darwin, Katherine, the Burdekin and the Mareeba area and Bowen, there's a massive flowering right across the country and I think the weather has been favourable everywhere."

He says harvest timing will be key to determining prices this season."It all depends on whether the districts follow production times down the coast," he said. "If Darwin is finished when Katherine gets going, Katherine finishes when Bowen/Townsville gets going and if we can slot into the tail end of Mareeba, the prices will be OK."Mr Groves says he will be looking to harvest more than 30,000 trays of mangoes at his property in central Queensland."It actually looks like there could be more than that but we don't count on that until they're in the box," he said."We just really count on good weather because there's lots of things that can knock the crop around between now and harvest."Harvest will begin in November and can run as late as April for later flowering varieties.

Use supply and demand theory to analyse the likely impact on the market price of mangoes. Briefly comment on the following confused thinking of a fellow student who says: "Sure, the  theory predicts that the market price is likely to fall but doesn't a fall in price result in an  increase in demand and that should keep the price from falling too much?"

The report quotes Ian Groves, a local farmer, as saying "The mango crop everywhere across Australia looks to be a bumper, so we might not be looking at a lot of money per tray" but then the reporter seems to interpret this as indica0ng that this outcome is "not necessarily a good thing for producers". Use your understanding of the rela0onship between elas0city and revenue to show why the outcome may in fact prove boun0ful for farmers. 
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