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1. Intro
2. Demand
3. Supply
4. Demand & Supply
5. Elasticity
6. Market Structure
7. Conclusion

Demand
Entire range of quantities that consumers are able and willing to buy at different prices, in a given time period, ceteris paribus.

Supply
Entire range of quantities that producers are able and willing to offer at different prices, in a given time period, ceteris paribus.

Elasticity
A concept used by economists to measure the responsiveness of the people to changes in economic variables such as changes in its own price or change in consumer income.

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- Durians from Malaysia were rumored to have high levels of insecticide. As a result, people were unsure if it was safe to eat Malaysian durians imported into Singapore.
- Thus, the demand for durians has dropped due to decreased number of buyers in market.
- Demand for durians drop, demand curve shifts left.
- Supply remains the same
- Thus when demand decrease, supply remains the same, Equilibrium Price and Equilibrium Quantity both decreases

-In response to these rumors, AVA assured customers that the durians are regularly inspected and sampled to ensure they comply with food safety standards and requirements. The durian farmers have also confirmed  that these rumors are false.
-As a result, people gained confidence in buying these durians again and the number of buyers in the market increased.
-Demand for durians increased, demand curve shifts right.
-Supply remains the same.
-Thus, when demand increased and supply remains the same,
Equilibrium Price and Equilibrium Quantity both increased

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SINGAPORE - Durian lovers in Singapore can eat the pungent fruit without fear, as the Agri-Food and Veterinary Authority (AVA) has dispelled rumours that suggested there were high levels of insecticide in Malaysia's Musang King or Mao Shan Wang durians.

In a Facebook post on Tuesday night (Nov 21), the AVA said durians in Singapore are safe to eat.

"Some durian lovers have come across rumours about high levels of insecticide in Malaysia's Musang King durians, and asked if it is safe to consume durians imported from Malaysia," it said.

AVA said it regularly inspects and conducts sampling of imported fruits, including durians.

This is to ensure the fruits comply with food safety standards and requirements.

Samples are tested for the presence of pesticide residues, microbial contamination and other possible non-permitted chemicals.

Those that do not make the cut will not be allowed for sale.

A viral message posted online claimed "China rejected all the Musang durians" due to high levels of insecticide detected in the fruit.

"That is why the durians (were) returned to Malaysia and (are) now selling at (a) cheap price... So eat at your own discretion," said a Facebook post by a page called Our Singapore.

Durian farmers told Malaysian news site New Straits Times in a report on Saturday that the rumour was false.

One farmer pointed out that the durian shown in the viral picture is not even of the Musang King variety.

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Durians in Singapore safe to eat, says AVA in response to Malaysian insecticide rumours

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Durian lovers in Singapore can eat the pungent fruit without fear, as the Agri-Food and Veterinary Authority has dispelled rumours that suggested there were high levels of insecticide in Malaysia's Musang King, or Mao Shan Wang, durians.. Read more at straitstimes.com.

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Most durian farmers can only sell their durians at a fixed price as their products are homogeneous. From this, we can infer perfect competition.

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-There were heavy storms on Nov 4 and 5 resulting in more than 500 felled durian trees all over the state.
-This means many sellers lost their stock and there is a decrease in the number of sellers in the market.
-As a result, the supply curve shifts left.
-The heavy storms also caused destruction to property.
-People are poverty stricken as a result. This means there is a decrease in the general money income of the people in the market.
-As a result, the demand curve shifts left as well.
-When both the supply curve and the demand curve shifts left by the same amount,
Equilibrium Price remains the same while Equilibrium quantity drops.

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Penang harvests cheaper fruit in rare second durian season

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- Prices of Mao Shan Wang have increased by 40%, with two Mao Shan Wang costing $87
- One female customer stated that she will not buy Mao Shan Wang durians now as the prices are too high but she may buy some when the prices are cheaper.
- This shows that her demand for durians is price elastic. The reason for this may be because durians to her is more of a luxury, not a necessity. When a good is a luxury, the demand for it is more price elastic.
- However one customer disregarded the rise in prices and stated that he will still continue to buy. This shows that the demand of durians for him is more price inelastic
- One reason for this may be the small proportion of income spent on durians therefore the increase in price do not affect him much

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Amid dwindling durian supplies, durian lovers will likely have to pay more for a taste of the thorny king of fruit this durian season.

Durian lovers may just raise a stink when they learn that the king of fruit is likely to command a royal ransom this year. Popular durian varieties such as the Mao Shan Wang are currently priced at about $29 per kilogram, compared with about $18 to $20 last year. Mao Shan Wang is also known as Musang King or Civet Cat King.

With the average fruit weighing about 1.5kg, a feast among friends comprising just two Mao Shan Wangs will cost around $87.

A survey of 10 local durian vendors showed that durian prices this year have risen by as much as 40 per cent compared with previous years, with the Mao Shan Wang variety registering the highest increase.

Mr Steven Shui Poh Sing, 59, the owner of Ah Seng Durian at Ghim Moh Market, blamed the price hike on smaller harvests from Malaysian durian plantations.

Mature durian trees require a certain amount of rainfall throughout the year in order to produce quality durian fruit - not too much, and not too little. "The harvest for durians this season is poor, due to poor weather conditions. There was also a short hot weather spell that destroyed many of the durian flowers earlier this year," he added.

TOP OF THE DRAW MAO SHAN WANG
Price:$28 to $35 per kg*

Colour: Bright yellow

Taste: Bittersweet with a sticky, creamy texture.

GOLDEN PHOENIX
Price: $26 to $30 per kg*

Colour: Pale yellow-white

Taste: Bitter with a more watery texture and strong pungent smell.

RED PRAWN
Price: $13 to $15 per kg*

Colour: Orangey-red

Taste: Sticky with a sweet aftertaste.

*Prices at time of publication

Mr Shui, who has been in the business for more than 30 years, brings in about 10 durian varieties from both Johor and Penang - including the highly sought-after Mao Shan Wang.

But the price hike has proven to be a thorn in the side for some sellers. Madam Linda Ang, 51, of Combat Durian in Balestier Road , said business has dropped 20 to 30 per cent.

Mr Goh Kwee Leng, 66, a durian seller at Durian Mpire by 717 Trading, said the fall in business could also be due to the poorer quality of durians available now.

"My regular customers are used to eating the best, the quality (of durians) now is not as good, so some are not eating them now," said Mr Goh, who has been in business since 1973.

Durian vendors said business may pick up in the coming weeks as prices are expected to fall slightly as the current season approaches its peak.

Ms Elaine Mao, 32, a manager and durian lover, said: "I won't be buying Mao Shan Wang durians now as the prices are too high. Maybe I'll buy some when the prices are cheaper."

Others, however, were unconcerned about the rising prices. Mr Jacky Tay, 22, a freelancer, said $30 is cheap considering that durians are not in peak season yet. "So I'll still continue to buy them," he said.

Apart from higher prices, customers can expect a shorter durian season this year. The mid-year durian season typically lasts from June to September every year but will likely be shortened to just two months this year.

"Usually, the durian season starts in June. But this year, there is a low supply of durians and we had a small break in June. The number of durians available might shrink in July," said Madam Ang.

But it is not all bad news for durian lovers. Those who are still looking to satisfy their craving can turn to less popular durian varieties such as Ganhai or D13, where the prices have fallen slightly from about $15 per kilogram to about $13 per kilogram since the start of the season.

Durian vendors are also looking to bring in more durian varieties from Penang such as the popular Red Prawn and Hor Lor to make up for the shortfall in the current popular varieties.

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Durian doldrums: Prices for king of fruit up by as much as 40%

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Amid dwindling durian supplies, durian lovers will likely have to pay more for a taste of the thorny king of fruit this durian season. Durian lovers may just raise a stink when they learn that the king of fruit is likely to command a royal ransom this year.

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-During the Musang King Festival, some sellers had marked down the price to as low as RM30 per kilo for the Musang King Durian that can easily cost between RM70 and RM100 a kilo on a normal day.
-Since sellers usually do not mark down prices to make losses, we can assume that these sellers have increased total revenue after doing so.
-We can tell that the Musang King durians are price elastic because marking down the price increased total revenue of the sellers.
-This is because the percentage decrease in price is smaller than the percentage increase in quantity demanded. This can be seen from the large crowds coming to buy the durians because of the decrease in price in the article.
-The Musang King Durians are probably price elastic because it is a luxury good. In the article,  it is stated that most of the Musang King durians go to China and whatever is left will be very expensive. Hence, it is very rare for Malaysians to experience this durian type, making it a luxury good.

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BENTONG - Musang King at RM30 (S$9.80) per kilo! What a steal for durian lovers who swarmed the second day of the durian carnival here.

An overcast sky and the sweltering heat did not stop folks from thronging the open air stalls as the Malaysia International Durian Cultural Tourism Festival here drew to a close yesterday.

Price slashing was easily the biggest reason why the crowds were still flocking at the stalls despite the threatening sky.

Some sellers had marked down the price to as low as RM30 per kilo for the Musang King variety that can easily cost between RM70 and RM100 a kilo on a normal day.

"You can never get this price here nowadays. Most of the Musang King durians go to China and whatever is left will be very expensive," said an elderly woman who was manning a stall selling bath towels at the Bentong morning market.

The Musang King durians were priced at an average of RM50 per kilo at the start of the festival on Saturday.

While the two-day festival gave another boost to the image of the King of Fruits in the eyes of the world, farmer Stephen Chow said it was also an opportunity for locals to enjoy the fruit at an affordable price.

The 36-year-old, who also produces durian-based products like ice cream and pastries, said the Musang King variety is very much sought after and that has made the price shoot up in recent years.

"The pricing is controlled by the supply and demand for different species of durian," he added.

For instance, a cup of his Musang King ice cream that is equivalent to 1.5 scoops is priced at RM13 against RM8 for the D24 species ice cream.

"Business is good during weekends, public holidays and school holidays because of the influx of tourists," he said.

Singaporean visitor Esther Lim said she had not seen the Musang King durian being sold at such low prices elsewhere.

"Not only is it cheap, it is also fresh from the orchards nearby," said Lim who came to the carnival with her husband, their baby and her parents.

Purchase this article for republication.

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Dirt cheap durians draw crowds on second day of Malaysia's Musang King festival

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BENTONG - Musang King at RM30 (S$9.80) per kilo! What a steal for durian lovers who swarmed the second day of the durian carnival here. An overcast sky and the sweltering heat did not stop folks from thronging the open air stalls as the Malaysia International Durian Cultural Tourism Festival here drew to a close yesterday.

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-Earlier this year, the harvest in Malaysia was poor because of wet weather conditions.
-As a result, farmers have to implement good drainage systems in order to grow durians.
-This led to increase in factor prices.
-Farmers less willing to sell at all price levels because of lesser profits.
-Hence, the supply decreases and the supply curve shifts left.
-Meanwhile, the demand remains the same.
-When the supply decreases and the demand remains the same,
Equilibrium Price rises while Equilibrium Quantity remains the same.

- Malaysia has increased supply of durians due to good harvest this year-end
- There is an increase in supply due to increased number of sellers.
- Supply of durians increase, supply curve shifts right
- Demand remains the same
- Thus when Supply increase, Demand remains the same, Equilibrium Price drops while Equilibrium Quantity increases.

-However, the article states that demand for durians in China is growing.
-There is increase in demand because of increase in number of buyers.
-This increased demand means the demand curve shifts right.
-With the increased supply of durians from Malaysia because of the good harvest, the number of sellers increased.
-The supply curve also shifts right.
-When the supply and demand both increase by the same amount,
Equilibrium Price remains the same and Equilibrium quantity increased.

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After having to pay exorbitant prices this year for their favourite spiky fruit, durian lovers are set to get some sweet respite.

Prices for the prized Mao Shan Wang variety may fall to as low as $15 to $20 per kilogram in the coming weeks, after hitting highs of over $40 earlier this year amid lower supply from Malaysia.

While wet weather conditions there had made for a poor harvest during the mid-year peak season, vendors are hoping that a year-end bumper harvest will help them to recover from the lower sales this year.

Mr Alvin Teo, who owns Durian 36 in Geylang Road, said that sales this year have been the worst in his decade in the business.

"This year, the harvest has been really bad... Singaporeans see the prices and are not willing to buy," said Mr Teo, who is currently selling Mao Shan Wang, or Musang King, for $22 per kg, down from a high of $40 per kg last month.

Prices are likely to continue to fall to around $18 per kg next week, depending on supply, he said.

GROWING DEMAND FROM CHINA
China gets first pick (of Malaysian durians) because it can offer a good price... That means fewer for us.
MR ALVIN TEO, of Durian 36 in Geylang, who is considering shifting his business focus to Malaysian-based export trade to tap into demand from China.

Mr Shui Poh Sing, owner of Ah Seng Durian at Ghim Moh Market, said a bumper harvest is expected next month, with farms in Johor and Pahang bearing fruit at the same time.

"The coming season should be better... Prices next month will fall to maybe $15 to $18," he said.

Combat Durian in Balestier Road saw sales drop by 20 to 30 per cent during the last season in June and July owing to the higher prices.

Said owner Linda Ang: "Hopefully, with more supply coming from Pahang and Muar, it will be cheaper. The prices have already dropped from $35 last week to $22 now."

But any easing of prices could be short-lived as a growing demand for durians in China could send prices higher in years to come, observers said. China's durian imports have tripled over the last decade, with Malaysia trailing behind Thailand in exports.

"China gets first pick (of Malaysian durians) because it can offer a good price... That means fewer for us," said Durian 36's Mr Teo, who added that he is considering shifting his business focus to Malaysian-based export trade to tap into demand from China.

"Prices have slowly been going up for all durian vendors in Singapore over the last two to three years," he said.

Durian enthusiast Tommy Lim, 43, said that with multiple farms in Pahang and Johor bearing fruit at the same time, the plentiful supply should make prices lower than in the last season.

"But durian lovers will definitely feel the pinch, because it will still be way higher than maybe five years ago, when Mao Shan Wang went as low as $8 per kg," said Mr Lim, who works in a bank.

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Malaysia's bumper harvest spells cheaper durians in Singapore

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Prices for the prized Mao Shan Wang variety may fall to as low as $15 to $20 per kilogram in the coming weeks, after hitting highs of over $40 earlier this year amid lower supply from Malaysia.. Read more at straitstimes.com.