BS in Agricultural Business
This study was undertaken to determine whether farmers’ markets or supermarkets in San Luis Obispo County are a better outlet for purchasing fresh produce based on paired price comparisons. Prices of fifteen produce items were chosen but later reduced to six because of seasonality, were observed and recorded at three farmers’ markets and three paired supermarkets over a period of five weeks.
Once all price data was collected, each farmers’ market was matched against their paired supermarket to find which market offered a lower average price. ANOVA tests were then performed to test the mean prices of the two market types to determine if there was significant variance between the means. A regression analysis was then done to test the price differentiations between the farmers’ market prices and supermarket prices as well.
After thorough observation there were overt mean price numerical differences between farmers’ market and supermarket prices, finding a significant price advantage at farmers’ markets. Given the selected produce items, ANOVA testing further verified statistical significance that farmers’ markets prices, on average, were less than prices at local supermarkets in San Luis Obispo County.