If, on the other hand, a farmer tries to charge less than the equilibrium price of $0.60 a pound, he will sell more apples but his profit per pound will be less than at the equilibrium price. If a farmer tries to charge more than $0.60 for a pound of apples, he won’t sell very many and his profits will go down. Thus, $0.60 is the equilibrium price: at this price, the quantity of apples demanded by buyers equals the quantity of apples that farmers are willing to supply. Producers need to minimize production of "thin" bellies because of reduced processing yields and "thick" bellies because of reduced consumer appeal.You can see in Figure 1.8 “The Equilibrium Price” that the supply and demand curves intersect at the price of $0.60 and quantity of two thousand pounds. Belly thickness impacted processing yield and consumer palatability evaluations of bacon. Moreover, consumers showed much stronger purchase intent for bacon from "thin" and "average" bellies. Consumers found the lean-to-fat ratio and the visual appearance of bacon from "thick" bellies was less appealing than bacon from "thin" and "thick" bellies. "Thin" bellies had the lowest slicing yields and generated the highest percentage of less valuable "#2 slices" (slice profile less than 1.9cm at any point) and "ends and pieces." Consumers found that bacon manufactured from "average" thickness bellies did not have deficiencies in palatability characteristics, but bacon manufactured from "thin" bellies lacked crispiness and bacon manufactured from "thick" bellies lacked flavor. Bacon manufactured using "thick" bellies had the highest processing yields through the smoking and cooking phase. Processing yields at various production points were recorded and samples from each thickness group were evaluated by consumers for palatability characteristics and visual appearance. Before processing through a commercial facility, pork bellies (n=96 per group) were sorted into three target thickness groups: "thin" (approximately 2.0cm) "average" (approximately 2.5cm) "thick" (approximately 3.0cm). Impact of belly thickness on processing yields and consumer evaluations of finished bacon products was measured.
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