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Determinant of Price Elasticity of Demand - Necessity VS Luxury 

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Determinant of Price Elasticity of Demand - Necessity VS Luxury 

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Determinant of Price Elasticity of Demand - Availability of Substitutes 

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Determinant of Price Elasticity of Demand - Availability of Substitutes 

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Determinant of Demand - Number of buyers in the market

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Determinant of Demand - Number of buyers in the market

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Determinants of Demand - Tastes and Preferences 

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Determinants of Demand - Tastes and Preferences 

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(3) “The diversion of lemons to the export market had an effect on the local market and processed returns, as the lemon became a scarce commodity. "
- Different tariffs of countries in export market
- Overseas buyers look for cheaper alternatives
- Formation of Free Trade Agreement / Customs Union
- Less efficient exporter
- Best alternative of choosing more efficient exporter forgone
- Opportunity cost includes: quality/conditions of lemons, time taken to reach other countries
- In favour of buyers, total cost of lemons cheaper
- Low tariff vs lower cost goods but higher tariff

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- wants for goods and services are unlimited
- resources used to make those goods and services are limited.
- forces us to make a choice
- opportunity cost

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- number of goods that producers are willing to sell to the population.
- In this context, the amount of lemons producers are willing to sell

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Determinants of Supply - Legal Restrictions 

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Determinants of Supply - Legal Restrictions 

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- Legal restrictions are standards and requirements of a good before it is able to be exported into a country.
- Legal restrictions will affect the supply of one country.
- this will affect the number of sellers in the country

Example: USA
- only a certain colour of lemons are allowed to be exported into the US.
- Argentinas lemon crop are mostly not in that colour during peak harvesting seasons.

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- high demand of lemons
- Producers want to produce more to earn more money
- supply in the future will increase

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Determinants of supply - Expectation of sellers

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Determinants of supply - Expectation of sellers

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- Producers of lemons expect a high demand of lemons.
- Producers start to produce more so to cope with the high demand and to earn more money.

Example: China
- China has been exporting lemons out globally
- higher demand of lemons due to health benefits

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(2) Graph of Number of Lemon Fruits sent for Processing 

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(2) Graph of Number of Lemon Fruits sent for Processing 

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This shows the supply of lemons

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(2)(G2) Graph of Historical Output of Lemons

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(2)(G2) Graph of Historical Output of Lemons

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(1) Summary from Article

US:

As the Mexican and Chilean lemon season is over, US lemons are dominating the market. Demand and prices are stable. There is demand for US lemons locally and internationally. US lemons can be exported to all these markets throughout the year due to California’s different climate zones.

China:

Due to increasing lemon imports, more provinces have invested in cultivation of lemons. Due to more lemon farmers, an increase in pressure on price is expected.

Australia:

Citrus exports were worth $377,000,000 in 2017, a new record. Lemon cultivation is expected to grow by half in the following 10 years. Demand for lemons is also expected to rise as lemons are popular among health-conscious consumers due to its high nutritional value.

(3) Summary from Article

South Africa has been exporting more lemons as lemon plantations have increased. There has been more demand for lemons, especially in Asia due to its health benefits. As an increasing number of lemons are being exported out, there is less for the local market. This has caused lemon to be a scarce commodity in South Africa. The Citrus Grower’s Association (CGA) reported that increasing plantings and better export grade fruits have caused prices to be under pressure. The CGA expects that prices to decrease in most markets, in 2017. It is expected that lemon exports continue to increase and prices will be under pressure.

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Elasticity is a concept used by economists to measure the responsiveness of people to changes in economic variables.
Lemon is probably inelastic
Lemon is not considered a luxury but instead a necessity.

For the availability of substitutes, there is only one close substitute, the substitute being lime.

Total Revenue is equal to the product of price and quantity sold. As the demand of lemon is price inelastic, a decrease in price will result in a decrease in total revenue, and vice versa.

Other References:
http://www.freshplaza.com/article/170202/Greece-Lemon-prices-on-the-rise

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(1) "Last year was an off year for the lemons. This is expected to be a good season. As a response to increasing import of lemons, the provinces of Yunnan and Chongqing have also invested in lemon cultivation."
- Increasing imports due to high demand of lemons from Anyue, does not mean high demand from the whole country (other provinces in China)
- Seasons for lemons are unpredictable
- Does not determine a fixed increasing demand for lemons
- Demand may drop, reducing imports

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(1)/(2)/(3) -- Annotates that the information is from the labelled chosen news article

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(1) http://www.freshplaza.com/article/186297/OVERVIEW-GLOBAL-LEMON-MARKET
(2) http://ultranl.com/market/global-lemon-oil-update-summer-2017/
(3) http://www.fruitnet.com/eurofruit/article/174221/a-memorable-lemon-season#

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- Weather affects the growth of lemons. Different types of weather will affect the output of lemons. Which causes a different number of sellers

Example: Spain

In 2017, there has been an increase of extreme weather cases such as extremely high temperature and droughts in the key southern hemispheres that affect the lemon crops in Spain. This caused a decrease in the number of crops which caused a decrease in the number of sellers.

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Amongst other fruits, citrus fruits are fruit crops that are ranked highly in generating profits in the international trade market. Significant amount of lemons are grown in this citrus production of the fresh fruit market. Lemons play a huge role in our daily lives as it has many uses, from aiding illnesses to producing a nice fragrance oil. Henceforth, we will be looking into the economics of the lemon market.