GEORGE TOWN: Fresh chicken at wet markets here now cost between RM10.50 and RM12.00 per kg. The price has increased at least six-fold, each time about 30 sen per kg since the end of March. Poultry seller A.T. Lim, in his 40s, said they too were unsure of the reason behind the price increase, noting that they received their supplies at RM9.50 per kg, some even RM10 per kg. "There have been multiple hikes since late last month. Now, we have no choice but to set the retail price at RM10.50 per kg and some even higher. "We do see price increases every fasting month, but this is the highest hike ever," he told the New Straits Times this afternoon. Lim said due to the steep increase, many customers have also stayed away from chicken meat." In my case, my business has dropped by 30 per cent, choice do I have? It is not that I am making huge profits," he said.

GEORGE TOWN: Fresh chicken at wet markets here now cost between RM10.50 and RM12.00 per kg. The price has increased at least six-fold, each time about 30 sen per kg since the end of March. Poultry seller A.T. Lim, in his 40s, said they too were unsure of the reason behind the price increase, noting that they received their supplies at RM9.50 per kg, some even RM10 per kg. "There have been multiple hikes since late last month. Now, we have no choice but to set the retail price at RM10.50 per kg and some even higher. "We do see price increases every fasting month, but this is the highest hike ever," he told the New Straits Times this afternoon. Lim said due to the steep increase, many customers have also stayed away from chicken meat." In my case, my business has dropped by 30 per cent, choice do I have? It is not that I am making huge profits," he said.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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