Assess and illustrate the impact on the market for hot peppers (100's) if thegovernment decided to impose a price ceiling because of the price increasefrom April to May. CommodityROOT CROPSUnitJanuaryFebruaryMarchAprilMay97,88762,32517,8839,81531,24841,805Carrots119,86176,86816,2351,90637.50657.7 8028,32126,325Kg32,432122,18054.45329,687CassavaCommon YamIm ported y amDasheen(Local)Dasheen(Im ported)Eddoes (Local)Eddoes (Imported)Sweet Potatoes (Local)Sweet Potatoes (Im ported)GingerKg77.98379.9984,818363Kg19,49218,21020,4134.79840,67468,625KgKg24,88729,95236,180KgKg27,25323.58022,770140,38927,79230,83516,56012,263Kg36,4509,280Kg195,121156,648125,72665,380Kg10,5751,9806,4804.77028,117naKg11,07635,43537.54513,818CONDIMENTS ANDSPICESCeleryChive (L)Thy me (s)Hot Peppers (1oo's)Hot Peppers (40 lb)Shadon BeniPimento (S)Bndl.16,32112,49012,2889,1914,4215,640364Bndl.7,0782761,62417,02514,0455671,87611,951562Bndl.927100's1,1941,2255318351,97661,2401,693BagBndl.2,2352,22248,63235,34026,37530,0503,385100's3,5715,9104.4925,750CommodityUnitJanuary February MarchAprilMayROOT CROPSCarrotsKgKgKgKgKg11.1910.9410.9811.8610.14Cassava4.716.864.676.755.214.948.224.55Common Yam7.457.09Imported yamDasheen(Local)Dasheen(Imported)Eddoes (Local)Eddoes (Imported)Sweet Potatoes (Local)Sweet Potatoes (Imported)GingerCONDIMENTSAND24.269.2817.4012.5517.15na13.129.2811.477.488.4110.91KgKgKgKgKg7.726.677.7113.6514.875.567.0910.029.799.7814.539.797.1115.935.565.025.906.375.557.047.046.67naKg29.5023.7120.0529.9427.92SPICESCeleryChive (L)Thyme (s)Hot Peppers (10o's)Hot Peppers (40 lb)Shadon BeniPimento (S)Bndl.27.6531.4826.7228.9570.4825.4830.7522.5050.0030.56Bndl.22.62Bndl.70.7060.5045.2545.556100's37.7833-45284.7713.3632.2727.1430.75196.50BagBndl.213.71207.14253-3311.5612.8416.7912.5713.50100's17.2913.1912.4213.125

Price ceilings serves in preventing a price from rising above a certain level set. If the price…

Answered: Assess and illustrate the impact on the…

Assess and illustrate the impact on the market for hot peppers (100's) if the government decided to impose a price ceiling because of the price increase from April to May.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Assess and illustrate the impact on the market for hot peppers (100's) if the
government decided to impose a price ceiling because of the price increase
from April to May.

Commodity
ROOT CROPS
Unit
January
February
March
April
May
97,887
62,325
17,883
9,815
31,248
41,805
Carrots
119,861
76,868
16,235
1,906
37.506
57.7 80
28,321
26,325
Kg
32,432
122,180
54.453
29,687
Cassava
Common Yam
Im ported y am
Dasheen(Local)
Dasheen(Im ported)
Eddoes (Local)
Eddoes (Imported)
Sweet Potatoes (Local)
Sweet Potatoes (Im ported)
Ginger
Kg
77.983
79.998
4,818
363
Kg
19,492
18,210
20,413
4.798
40,674
68,625
Kg
Kg
24,887
29,952
36,180
Kg
Kg
27,253
23.580
22,770
140,389
27,792
30,835
16,560
12,263
Kg
36,450
9,280
Kg
195,121
156,648
125,726
65,380
Kg
10,575
1,980
6,480
4.770
28,117
na
Kg
11,076
35,435
37.545
13,818
CONDIMENTS AND
SPICES
Celery
Chive (L)
Thy me (s)
Hot Peppers (1oo's)
Hot Peppers (40 lb)
Shadon Beni
Pimento (S)
Bndl.
16,321
12,490
12,288
9,191
4,421
5,640
364
Bndl.
7,078
276
1,624
17,025
14,045
567
1,876
11,951
562
Bndl.
927
100's
1,194
1,225
531
835
1,976
61,240
1,693
Bag
Bndl.
2,235
2,222
48,632
35,340
26,375
30,050
3,385
100's
3,571
5,910
4.492
5,750
Commodity
Unit
January February March
April
May
ROOT CROPS
Carrots
Kg
Kg
Kg
Kg
Kg
11.19
10.94
10.98
11.86
10.14
Cassava
4.71
6.86
4.67
6.75
5.21
4.94
8.22
4.55
Common Yam
7.45
7.09
Imported yam
Dasheen(Local)
Dasheen(Imported)
Eddoes (Local)
Eddoes (Imported)
Sweet Potatoes (Local)
Sweet Potatoes (Imported)
Ginger
CONDIMENTSAND
24.26
9.28
17.40
12.55
17.15
na
13.12
9.28
11.47
7.48
8.41
10.91
Kg
Kg
Kg
Kg
Kg
7.72
6.67
7.71
13.65
14.87
5.56
7.09
10.02
9.79
9.78
14.53
9.79
7.11
15.93
5.56
5.02
5.90
6.37
5.55
7.04
7.04
6.67
na
Kg
29.50
23.71
20.05
29.94
27.92
SPICES
Celery
Chive (L)
Thyme (s)
Hot Peppers (10o's)
Hot Peppers (40 lb)
Shadon Beni
Pimento (S)
Bndl.
27.65
31.48
26.72
28.95
70.48
25.48
30.75
22.50
50.00
30.56
Bndl.
22.62
Bndl.
70.70
60.50
45.25
45.556
100's
37.78
33-45
284.77
13.36
32.27
27.14
30.75
196.50
Bag
Bndl.
213.71
207.14
253-33
11.56
12.84
16.79
12.57
13.50
100's
17.29
13.19
12.42
13.125

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