The Microeconomics of Exotic Fruit

Paper Summary:

This paper summarizes a 2003 article found in the "Washington Post" that explains how produce consumers once found exotic becomes common in America's supermarkets. "Ripe Dreams: How Produce-Aisle Exotica Becomes Everyday Fare", by Hamilton Martha McNeil, highlights the key microeconomic concepts of demand, supply, and market equilibrium, as well as household behavior and consumer choice.

From the Paper:

"As demand rose, others saw opportunities and entered the market place, devoting resources, (farm acreage and labor) to growing kiwis. Importers saw opportunities to increase supply and lower costs, by importing kiwi fruit from Chile and New Zealand where the costs of input, mainly farm labor, are cheaper. As the supply of kiwis increased and more and more companies entered the market, the price to consumers began to be pressured downwards. As consumer demand cooled off, nicely illustrating how household behavior and consumer choice influences demand and supply, market equilibrium seems to have been reached."

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