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Milk used for fluid (Class I) consumption generally receives the highest price and lower minimum prices are paid for the three classes of milk used for manufactured dairy products: Class II (yogurt, cottage cheese, ice cream, and other soft manufactured products), Class III (cheese), and Class IV (butter and nonfat dry milk).
In United States agricultural policy, utilization rates refer to the percentage of milk in federal milk marketing orders that is used in each of the classes: Class IV (butter and nonfat dry milk), Class III , Class II (all other manufactured products), Class I (milk used for fluid consumption).
This classified pricing system requires handlers to pay a higher price for milk used for fluid consumption (Class I) than for milk used in manufactured dairy products such as yogurt, ice cream, cheese, butter and nonfat dry milk (Class II, Class III and Class IV products). The Federal Milk Marketing Order (FMMO) does not include certain states ...
[102]: 3 In Canada, for example, prices of raw industrial milk purchased by milk processors are based on end-use−fluid consumption, yogurt, ice cream, cottage cheese, butter, [20] [103]: 46 whole milk powder, skim milk and milk protein concentrates (MPCs). The highest price is for Class A or Class 1 for fluid consumption and the lowest price ...
Class III – Petroleum, oil and lubricants (POL) for all purposes, except for operating aircraft or for use in weapons such as flamethrowers, e.g., gasoline, fuel oil, greases, coal, and coke. (Class IIIa – aviation fuel and lubricants) Class IV – Supplies for which initial issue allowances are not prescribed by approved issue tables.
In United States agricultural policy, the make allowance (or milk manufacturing marketing adjustment) is the margin between the government support price for milk and the Commodity Credit Corporation (CCC) purchase price for butter, nonfat dry milk, and cheese.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The equilibrium price, commonly called the "market price", is the price where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change, often described as the point at which quantity demanded and quantity supplied are equal (in a perfectly ...