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Product Pricing
The U.S. Cattle and Beef Industry
ECO 533/ Economics for Managerial Decision Making
June 7, 2006
The U.S. beef and cattle industry has historically played a critical role in fulfilling consumer beef demand domestically and abroad. Beef tenderness, juiciness, flavor, consistent quality, consumer health and nutrition, trust and product brand are all determinants of how consumers demand beef products (Beef Update, 2005). Beef consumption and prices were high in the 1980s, but prices fell by 30% in the 1990s. "The low point in the demand index occurred in 1998" (Beef Update, 2005), but prices once again started to rise steadily in early 2000. From 2002 to 2003 Americans consumed about 48 billion pounds of beef and the U.S. beef industry averaged about $68 billion in retail sales during the same period (Economic Research Service, 2005). Prior to 2004 the U.S. beef industry had averaged 2.5 billion pounds of beef in exports but one determinant caused the......
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Title: Product Pricing: Economics Beef Industry
Approximate Word Count: 1170
Approximate Pages: 5 (250 words per double-spaced page)
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