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    Trend in Consumption Patterns

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    Analyze the basis for the trends in consumption patterns discussed in the article below. In the analysis, consider the utility derived from the meats mentioned, describe what has occurred to change the demand for or the supply of the meats, market prices of the meats and its price elasticity of demand.


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    Solution Preview

    STEP 1
    The general trends in the meat market:
    The growth in meat production and trade is expected to decrease by 2% in 1992.
    Poultry is growing at an average annual rate of 6 and 8 percent since 1980. Pork output is expected to increase at the rate of 3% per year. The production of more than half the pork is in three countries namely the USA, China and the former USSR. Beef and veal production has hovered around 1 percent growth rate and may stagnate at lower levels of growth. The largest per capital consumer are the USA, Hungary, Australia, Denmark, and Canada.

    STEP 2
    The utility derived from the meats consumed.

    Meats are sources of protein. In addition, ...

    Solution Summary

    This posting discusses the general trends in the meat market. In addition, this posting discusses the utility derived from the meats consumed..