this is my first paper review in economic. Could u check the wording and errors please. Maybe some of part is not understable for u, If will tell me.
Thank u
Sandy Shore who is Business writer wrote an article about how much more and for how long can prove a complicated estimate based on a variety of factors such as the animal losses from the storms, the weather and supplies. The article, "Western storms may force beef prices up" was published in news on January, 7, 2007.
There are several strong storms pounded the West with lot of disruption. The back -to-back holiday storms sent blowing snow into huge drifts that stranded thousands of animals on open range in the Oklahoma Panhandle, Kansas, southeastern Colorado and parts of Nebraska - representing the at least one half of the nation's cattle feeding areas. A similar storm in 1997 killed 30.000 cattle in Colorado. Estimates of losses on ranges were at least 3500 head in Colorado, might be more. Disasters tend to be highly visible events with the potential for considerable economic dislocation.
One of the feedlots said he will have to pay more to put weight on the cattle. He isn't sure yet how much the storm damages will cost him. Precise determination of the feedlot's impacts is constrained by the dynamic interaction of numerous biological and economic variables.
The price of cattle heading from the feedlot to the packing plant will increase by about 5 percent in the near term, according to Doud and Cattle Fax's Good. Fed cattle prices were about 4.5 percent higher Friday, from $85 per hundredweight to $89 to90$ per hundredweight. Economists said it is too early to tell if retail prices will be affected but most don't believe it will be significant change, if any, because retailers have the ability to manage inventories more easily in the $ 79.5 billion retail beef industry.
The affected herds in Colorado represent about $1.8 billion worth of cattle including breeding cows that will produce calves for next year's supply. Seeing this western storm will cause a decrease in supply, increase in demand. One of the determinant of supply is natural disaster.
From the article" Our prices to our customers are not going to be affected probably in the short term, he said " It might affect us a little bit as we get into the longer term, six to 12 months, depending on how much loss there is." On page 17-9 it discussed biggest factor affecting price elasticity of supply is time. If the price of beef increases, the quantity supplied monthly in West area would increase relatively little in the first month after the price increase. If the price remains high for a year, the quantity supplied each month would increase much more. But for the consumer if the price of beef by 5%, the quantity demanded in the next week would decrease relatively little. If the price of beef stays high for a year, the quantity demanded will decrease more, as consumer substitute for other goods. There are some substitutions goods for beef such as chicken, pork, mutton. An increase in the cost of production will decrease in supply; cost of production and quantity is inversely related.
Natural disaster-related economic losses. While the loss of human life from the devastating Western Storm is overwhelming, the economic cost was an estimated $1.8 billion. The twentieth century was relatively benign in comparison to the past. We've had worse volcanic eruptions, more severe storms, worse drought (in the past). What overwhelms us is population.
Thank u
Sandy Shore who is Business writer wrote an article about how much more and for how long can prove a complicated estimate based on a variety of factors such as the animal losses from the storms, the weather and supplies. The article, "Western storms may force beef prices up" was published in news on January, 7, 2007.
There are several strong storms pounded the West with lot of disruption. The back -to-back holiday storms sent blowing snow into huge drifts that stranded thousands of animals on open range in the Oklahoma Panhandle, Kansas, southeastern Colorado and parts of Nebraska - representing the at least one half of the nation's cattle feeding areas. A similar storm in 1997 killed 30.000 cattle in Colorado. Estimates of losses on ranges were at least 3500 head in Colorado, might be more. Disasters tend to be highly visible events with the potential for considerable economic dislocation.
One of the feedlots said he will have to pay more to put weight on the cattle. He isn't sure yet how much the storm damages will cost him. Precise determination of the feedlot's impacts is constrained by the dynamic interaction of numerous biological and economic variables.
The price of cattle heading from the feedlot to the packing plant will increase by about 5 percent in the near term, according to Doud and Cattle Fax's Good. Fed cattle prices were about 4.5 percent higher Friday, from $85 per hundredweight to $89 to90$ per hundredweight. Economists said it is too early to tell if retail prices will be affected but most don't believe it will be significant change, if any, because retailers have the ability to manage inventories more easily in the $ 79.5 billion retail beef industry.
The affected herds in Colorado represent about $1.8 billion worth of cattle including breeding cows that will produce calves for next year's supply. Seeing this western storm will cause a decrease in supply, increase in demand. One of the determinant of supply is natural disaster.
From the article" Our prices to our customers are not going to be affected probably in the short term, he said " It might affect us a little bit as we get into the longer term, six to 12 months, depending on how much loss there is." On page 17-9 it discussed biggest factor affecting price elasticity of supply is time. If the price of beef increases, the quantity supplied monthly in West area would increase relatively little in the first month after the price increase. If the price remains high for a year, the quantity supplied each month would increase much more. But for the consumer if the price of beef by 5%, the quantity demanded in the next week would decrease relatively little. If the price of beef stays high for a year, the quantity demanded will decrease more, as consumer substitute for other goods. There are some substitutions goods for beef such as chicken, pork, mutton. An increase in the cost of production will decrease in supply; cost of production and quantity is inversely related.
Natural disaster-related economic losses. While the loss of human life from the devastating Western Storm is overwhelming, the economic cost was an estimated $1.8 billion. The twentieth century was relatively benign in comparison to the past. We've had worse volcanic eruptions, more severe storms, worse drought (in the past). What overwhelms us is population.