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Due to the recent hike in the exchange of the U.S Dollar to our Naira in the parallel market of today which sells for over N330 to a Dollar, a pandemonium has hit the price of commodity in our loca…
Due to the recent hike in the exchange of the U.S Dollar to our Naira in the parallel market of today which sells for over N330 to a Dollar, a pandemonium has hit the price of commodity in our local market which producers at different level have been forced to increase the price of their product due to high cost of production.
It is understandable for price of commodities to rise at times like this but what is not acceptable is the inability of these goods to go back to their original price when balance is restored and the price at which these goods are made available at retail level which is hyper inflated as a result of most retailers seeing the situation as an opportunity to make more profit.
At the consumption end, it has turned out to be a sort of extortion to purchase a commodity at twice or trice the price it used to be sold while income remains constant.
The Manufacturer, producer and retailer play a very vital role in the production process where continual production and consumption is concerned while developing the country’s economy.
The selling price of commodity is the relationship between the retailer and consumer leaving the producer aside, to maintain a good relationship between these two parties, Market price must be at equilibrium (where the price at which the quantity of a product offered is equal to the quantity in demand). It is almost not possible for scarcity not to surface as it is the major economic problem but for the degree of responsiveness of goods to demand to remain perfectly inelastic, fairly inelastic or at least unitary elastic, an open pricing formulation must be adopted where profit making is under control.
Let’s take sachet water popularly known as (pure water) for example:
It is unarguable that pure water holds the largest market in the water consumption in Lagos and Nigeria generally.
Pure water which is formerly sold at the unit of N5 per unit and N60 – N65 per bag of 20 units, now sells for N10 per unit and N100 per bag.
At the former, after selling a bag of pure water at the retail price of N5 per unit, a profit of N35 to N40 will be made which is 58.33% – 66.67%.
Now, after selling a bag of pure water at the retail price of N10 per unit, a profit of N100 Is made which a 100% profit to the cost price.
As a co consumer I managed to formulate some theory of retail price determination in times of scarcity to maintain constant profit.
- This states that: (percentage change in price of commodity divided by 100 multiplied by initial price) plus current selling price) divided by unit of commodity packed in a pack. Provided other factor remain constant e.g transport.
- This states that: (percentage change in price of commodity divided by 100 multiplied by initial price) plus current selling price) plus (Percentage change in price of factor divided by hundred multiplied by initial price of factor) divided by unit of commodity packed in a pack).
Kindly adopt the above derived formula in your retail price determination to keep profit constant and inflation relatively low.
The excess profit you make from selling commodity A will be used as purchasing power for commodity B not leaving out commodity C which makes everybody a consumer.
It is patriotic to be concerned about the country’s economic situation and in no bit contribute to its destabilization while making profit.
Too much inflation is bad for the economy of any nation.
Please do your part and make Nigeria a better country.
I am Adeleke Musbau Akin. I just want to make common sense.
if you like what you see, if you think i am real and interesting, don’t just read and say nun” please hit the like button, drop your opinion and always check on here for more mind educating posts and interesting topics.
Adeleke Musbau Akin.
One fine evening, my uncles told me they were going to pick someone from the airport and I entered the car, I didn’t bother asking them if I could come because i wasn’t ready to hear ‘no’ bottom line I entered the car looking.. errmm.. not so cute.
We got to the airport and the usual stress of parking, we eventually found a place and of course the walk was like that of the Israelites.
Long story short, we got into the airport and my uncles told me to wait somewhere while they went to another place……
While waiting for them and looking at the different people passing, I saw this very fine looking dude (even at my young age) I started scoping him.
Khai he was fine, even from a distance I could tell that he had beautiful eyes. His hair line was on point, very tall (I was…
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Beauty gets the attention but personality gets the heart (part 2)
Personality, attitude and character are sisters of the same mother.
Your personality is everything, its the definition of who you are, its what makes you YOU.
So after capturing the attention of those you want, keeping them is the issue, most times.. Its the memories you are able to share with people that determines how much of an impact you’ve made in their lives.. And this is either positive or negative..
A good personalitycharacterattitude is priceless it can make a gloomy day beautiful.
Many things can get you to the top, like good grades, the people you know etc.. But character will keep you there.. No matter how outstanding you are in terms of grades, if your keep putting your boss down, troublesome at work, lack a teachable spirit, or oversabi is your middle name.. Its only a matter of…
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A cockroach belongs to the class of animals scientifically known as INSECTA, they are invertebrates within the arthropod phylum that have a chitinous exoskeleton, a three part body, three pairs of joint legs, compound eyes and one pair of antenna.
the fact that it is one of the oldest creature to ever exist on earth even older than a dinosaur and still existing stands it out, it has the ability to survive and live any where as it can survive from the coldest to the warmest of climates, cities as well as forests and even in deserts.
cockroach is clean insect, it can live on any thing: flower buds, plants, soap, woods or even starve without food nor water and still survive for months. they exist in different species, some are big, others are small, but all are either black or brown in color and they keep off from predatory animals because of the smell from the scent glands.
i am Musbau i care what you know about, tell me what you want and i will describe it in few paragraphs.
if you find my blog so cool, real and interesting, don’t just read and say nun” please hit the like button,comment and always check on here for more mind educating posts and interesting topics.