Supply and Demand in Trinidad
Why in Trinidad and Tobago during the Lenten period fish prices increase and before the Divali festival chicken prices decrease?
During the Lenten period most Christians in Trinidad and Tobago would fast from something they like most and for some reason most stay away from meats and eat fish only. Christians in Trinidad and Tobago accounts for approximately 1/3 of the population which is around 433000 people and when this amount of people decides to eat fish only the fishermen needs to supply them. Fishermen would try every attempt to catch the most fish they can on a daily basis, as the more fish they catch the more money they make, during Lenten period there is no difference with this arrangement and what really happens is that the supply from the fishermen is basically the same and the demand from the population is greater. Every year during this period the fishermen cannot supply the demand requirements and hence increase their prices to manage this demand. When they increase the price of fish, the population definitely buys less due to the fact that most people simply cannot afford the high prices. The average price of the most famous Carite fish for example is $12TTD per pound, during the Lenten period however the price of the Carite sky rockets to over $30TTD per pound of fish on average as most people will not have the money to pay for the fish at the high prices. Basically High prices affect demand as well as high demand affects cost when supply remains the same.
The opposite scenario occurs the month before Divali for the price of chicken. Hindu’s makes up approximately 1/3 of the population in Trinidad and Tobago just like the Christians, they account for around 433000 people in the country. Hindu’s fast (stay away from meat) for up to 1 month before Divali. What is observed during this period is that there is a drastic dip in the price of chicken. Chicken farms continues to produce as much chicken as they can so that they could supply more to the
During the Lenten period most Christians in Trinidad and Tobago would fast from something they like most and for some reason most stay away from meats and eat fish only. Christians in Trinidad and Tobago accounts for approximately 1/3 of the population which is around 433000 people and when this amount of people decides to eat fish only the fishermen needs to supply them. Fishermen would try every attempt to catch the most fish they can on a daily basis, as the more fish they catch the more money they make, during Lenten period there is no difference with this arrangement and what really happens is that the supply from the fishermen is basically the same and the demand from the population is greater. Every year during this period the fishermen cannot supply the demand requirements and hence increase their prices to manage this demand. When they increase the price of fish, the population definitely buys less due to the fact that most people simply cannot afford the high prices. The average price of the most famous Carite fish for example is $12TTD per pound, during the Lenten period however the price of the Carite sky rockets to over $30TTD per pound of fish on average as most people will not have the money to pay for the fish at the high prices. Basically High prices affect demand as well as high demand affects cost when supply remains the same.
The opposite scenario occurs the month before Divali for the price of chicken. Hindu’s makes up approximately 1/3 of the population in Trinidad and Tobago just like the Christians, they account for around 433000 people in the country. Hindu’s fast (stay away from meat) for up to 1 month before Divali. What is observed during this period is that there is a drastic dip in the price of chicken. Chicken farms continues to produce as much chicken as they can so that they could supply more to the