Thai Food Menu Items

WHAT IS LATENT DEMAND AND THE P.I.E.?

The concept of latent demand is rather subtle. The term latent typically refers to something that is dormant, not observable, or not yet realized. Demand is the notion of an economic quantity that a target population or market requires under different assumptions of price, quality, and distribution, among other factors. Latent demand, therefore, is commonly defined by economists as the industry earnings of a market when that market becomes accessible and attractive to serve by competing firms. It is a measure, therefore, of potential industry earnings (P.I.E.) or total revenues (not profit) if a market is served in an efficient manner. It is typically expressed as the total revenues potentially extracted by firms. The âmarketâ is defined at a given level in the value chain. There can be latent demand at the retail level, at the wholesale level, the manufacturing level, and the raw materials level (the P.I.E. of higher levels of the value chain being always smaller than the P.I.E. of levels at lower levels of the same value chain, assuming all levels maintain minimum profitability).

The latent demand for Thai foods is not actual or historic sales. Nor is latent demand future sales. In fact, latent demand can be lower either lower or higher than actual sales if a market is inefficient (i.e., not representative of relatively competitive levels). Inefficiencies arise from a number of factors, including the lack of international openness, cultural barriers to consumption, regulations, and cartel-like behavior on the part of firms. In general, however, latent demand is typically larger than actual sales in a country market.

For reasons discussed later, this report does not consider the notion of âunit quantitiesâ, only total latent revenues (i.e., a calculation of price times quantity is never made, though one is implied). The units used in this report are U.S. dollars not adjusted for

This recipe is translated and adapted from Apicius' book De Re Coquinaria
(on cooking).

Meanwhile place all the herbs in a mortar and grind with a pestle. To this add
the Mulsum, red wine vinegar, Liquamen, Defritum and 30 ml of
olive oil. Mix together and place in a pan. Add the chopped damsons and cook until
they are tender.

Roman Duck and Damson Sauce Recipe

Make a batter from the flour and enough olive oil to bind the flour together.
Season this with salt and pepper and use to entirely cover the duck in a layer of
pastry. Place in a roasting tin and roast for 2 hours at 170C.

Method:

1 large duck

pinch of peppercorns

1 tsp dried onion

large pinch of lovage (or young celery leaves)

pinch of cumin

pinch of celery seeds

70g stoned damsons (or prunes)

50 ml Mulsum (honey wine, made by adding half a cup of honey to a bottle of dry
white wine)

50 ml red wine vinegar

50 ml Liquamen (this is fish sauce, the closest modern equivalent being Thai
Nam Pla)

50 ml Defritum (thick fig syrup or young white wine or grape juice sweetened with
honey and heated to reduce it to a third of its volume)

200g flour

olive oil

Strain the sauce and pour over slices of the duck. Serve immediately.