Final answer:
Favorable weather conditions in 2015 led to increased salmon supply and potentially lower prices, affecting the cost of a grilled salmon meal.
Step-by-step explanation:
During the summer of 2015, the weather conditions positively impacted the commercial salmon fishing industry off the California coast, thereby affecting the cost and availability of a grilled salmon meal.
The abundance of water from heavy rains supported salmon breeding, cooler ocean temperatures enhanced plankton growth, which in turn fed the fish, and calm seas allowed for more consistent fishing operations. These favorable conditions increased the quantity of salmon, which, following the law of supply and demand, typically leads to a decrease in the price of salmon. If plentiful supplies of salmon reach the market, the cost to consumers for a grilled salmon meal is expected to be lower due to the reduction in raw material costs for the suppliers and restaurants serving the dish.
This scenario depicted in Figure 3.16 and further explained with Table 3.6 using the four-step approach can be applied to understand supply and demand shifts caused by environmental factors. With an increased supply, assuming demand remains constant or does not increase at the same rate, the market would see a surplus of salmon, contributing to a dip in prices.