In the summer, which is the peak season for tourists, the price of hotels istypically higher than it is in the winter. In the case of onions however, thereverse is true: The price of onions is lower in the peak season than it is in thesummer season. How do we explain this seeming contradiction

In the summer, which is the peak season for tourists, the price of hotels istypically higher than it is in the winter. In the case of onions however, thereverse is true: The price of onions is lower in the peak season than it is in thesummer season. How do we explain this seeming contradiction

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

In the summer, which is the peak season for tourists, the price of hotels is
typically higher than it is in the winter. In the case of onions however, the
reverse is true: The price of onions is lower in the peak season than it is in the
summer season. How do we explain this seeming contradiction

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The following is an excerpt from an article in the Singaporean newspaper, the Straits Times: Singaporeans with a sweet tooth could soon find themselves paying more for their favourite treats, as bakers and confectioners buckle under soaring sugar prices. Since March last year, the price of white sugar has shot up by 70 per cent, according to the New York Board of Trade. As if that didn’t make life difficult enough for bakers, butter and cheese prices have also risen, by 31 per cent and 17 per cent respectively. The increases have been caused by various factors: a steep drop in Thailand’s sugarcane production due to drought, higher sea freight charges, increasing demand from China’s consumers for dairy products and the strong Australian and New Zealand dollar. For the consumer in Singapore, what this may eventually boil down to is a more expensive bag of cookies, with prices at some bakeries expected to rise between 10 and 20 per cent. [The owner of a Singapore…
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