Hello! Happy Finals Week!

I am working on an assignment, which I attached below on the change in the price of eggs from 2022-spring 2023. I need to create a supply and demand graph of this, and in all honesty, I don't know what I am doing. Could you please read this article and help me form a graph of my article, specifically on desmos?

Coyne l Keeli Coyne Demi Han ECON 2110 Section 003 7 December, 2023 Microeconomics Special Assignment The change in price and quantity in the product market I chose for this assignment is the current change of price we have seen in grocery stores the past year. For this change, I used several articles by NerdWallet, The Iowa Farm Bureau, USA Today, Food and Wine.com, and CNN Business from the late spring and early summer of 2023. Each article explains the drastic change in price of groceries; specically eggs, which were surprisingly decreasing at the time. From the articles I read, it is clear that this fall in price resulted from a change in a number of factors, like the rising egg supplies as the avian u outbreak started, a decrease in the demand for eggs as a result to eggs historically high prices, and also the fact that eggs sales tend to fall in the summer months. In order to understand this market change, I had to go back to when egg prices responded to high demand and low supply in 2022. In the late months of 2022, retail egg prices averaged a record high of $4.25 per dozen. The primary cause for these prices is a distribution in supply at a time when consumer demand for eggs is strong. \"The US. The Department of Agriculture reported that HPAI (highly pathogenic avian inuenza) was detected in 307 commercial ocks in 2022.\" HPAI was very contagious among birds, which affected about 57 million birds in 2022. Thus, lowering production and raising prices of eggs. About 12 % of the egg-laying hens in the US were lost that year. But, this inuenza coincided with the holiday season and due to eggs being a very Coyne 2 versatile product, consumers continued to buy eggs, even when supplies were limited. Thus resulting in supply chain issues. During this time, the FDA recommended consumers to use egg alternatives. Also, \"USA Today reported that through ination, the price of eggs soared by 70% in the same 12-month period.\" Due to this increase in price and the outbreak, experienced in the past may have led to a decrease in consumer demand. When prices are prohibitively high, consumers may reduce their egg consumption or choose alternatives. The combination of historically high prices and potential consumer response to those prices could have resulted in decreased demand for eggs. As demand decreases, prices tend to follow suit. Also One significant factor contributing to the decline in egg prices is the increase in egg supplies. The avian u outbreak, which adversely affected egg production in the past, has started to wane. As a result, the number of hens laying eggs has increased, leading to a higher overall egg supply in the market. The increase in supply tends to put downward pressure on prices. Its also important to note the seasonal factors. Egg sales often experience a natural decline during the summer months. This seasonality is a common trend in the egg market. Consumers may change their eating habits, and factors such as vacations and outdoor activities can contribute to a decrease in egg consumption during this period. The situation reects basic economic principles of supply and demand. When supply exceeds demand, prices tend to decrease. In this context, the increase in egg supplies coupled with a decrease in demand or a slower increase in demand has led to a more favorable pricing environment for consumers.The egg market is responsive to supply and demand factors. As egg producers increase production to meet demand, the market adjusts accordingly. In this case, with an increase in the number of hens laying eggs and a potential decrease in consumer demand, the market has responded by lowering prices to find a balance between supply and demand. Coyne 3 This information I found shows there was a decrease in ADD and a shift in ADD and ADD. When supply exceeds demand, prices tend to decrease. In this context, the increase in egg supplies coupled with a decrease in demand or a slower increase in demand has led to a more favorable pricing environment for consumers. Due to these important factors, I created a supply and demand graph on Desmos, which shows this relationship during this time period. MAKE GRAPH ONLINE + INCLUDE This change in factors, specifically the avian u outbreak shows how the supply and demand relationship, resulting in lower prices and higher levels of production. Also the decrease in demand for eggs as a result of their high prices implies that the ADD shifted. This graph and the information it displays further explains what is stated in the articles I found. As a result of this price change in products like eggs, customers should look out for this when shopping at the grocery store. Changes from outbreaks and supplier issues result in a change in price for eggs; therefore customers should look out for this. This decrease and uctuation in the price of eggs has allowed me to understand the importance of demand and supply and how consumers react to these changes. The grocery market has shown that price is rising due to ination, pandemic related supply chain disruptions, and tariffs. Due to these current changes and ination in the grocery market, customers should look out for this change by avoiding price creep by pivoting or avoiding purchasing items that cost more than usual. Also, customers should focus the time they have on finding deals for Coyne 4 high-value items they need. Customers should think twice about purchasing generic store brands vs the name brands, which is seeking out for substitutes. The article I found from NerdWallet, specifically recommends establishing a supermarket circuit which involves driving to deals that are better in certain stores than other stores like Whole Foods or Trader Joes. It would be a better financial decision to go to wholesale stores or other grocery stores that are not priced higher than stores like Kroger, Aldi, and Food Lion. In summary, the decrease in the price of eggs is a result of a combination of factors, including increased egg supplies due to the waning avian flu outbreak, a potential decrease in consumer demand inuenced by historically high prices, and seasonal patterns in egg consumption. The market is adjusting to these factors to establish a new equilibrium in pricing. This assignment and its articles also helps us learn consumer behavior and how to react when prices rise and fall due to changes and shifts in demand and supply, specifically in the grocery market. Coyne 5 Works Cited https://www.nerdwallet.com/article/finance/price-of-food https://www.iowafarmbureau. com/Article/Egg-Prices-Declining-on-Lower-Demand-Higher-Prod uction#:~:text=Last%20fall0%20%20egg9%20prices%20hit.drivers%20of%20these%20price%20 changes https://extension.msstate.eduews/feature-story/2023/egg-prices-responding-high-demand-lower -supply https://www.usatoday.com/story/money/2023/06/06/price-of-eggs-dropping/70290647007/ https://www.foodandwine.com/egg-prices-dropping-2023-7511033 https://www.cnn.com/2023/05/15/business/egg-prices/index.html