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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.

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.

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter6: Supply, Demand And Government Policies
Section: Chapter Questions
Problem 2QR
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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.
Transcribed Image Text: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
Transcribed Image Text: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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