Question

Define the current status of supply and demand for Kellogs industry. Identify at least one factor...

  • Define the current status of supply and demand for Kellogs industry.
  • Identify at least one factor that has caused the supply curve to shift for that product or service.
  • Identify at least one factor that has caused the demand curve to shift for that product or service.
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Answer #1

The current state of demand and supply for he Kellogg's industry is stable and in equilibrium.

once factor that could shift the supply curve of the product is increase in cost of production due to lower crop production for the current year. A higher cost of production shifts the supply curve to the left.

one factor that could shift the demand of the product is decrease in the price of substitute brand. A decrease in price of substitute brand would make Kellogg's relatively expensive, and cause the demand curve to shift to the left.

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