During September 2020, due to the very hot weather, the production of tomatoes in the local...

During September 2020, due to the very hot weather, the production of tomatoes in the local market in Gaza decreased by 60%. Explain the effect of this factor on the market equilibrium of tomatoes ? using graph

Due to the financial crisis the income of government's employees has decreased by 50%, at the same time the number of frozen meat's sellers increased by 20%. Explain the effects of these changes on the market equilibrium of frozen meat? Using graph?

During September 2020, The Government in Gaza imposed a price ceiling of 2.5 sheqle per KW of electricity. The electricity generators' investors in the Gaza Strip have rejected this decision which had negative impacts on the quality of services provided to the people. Explain the effects of this policy on the electricity market? Using Graph ?

Expert Solution

1) Decrease in production of tomatoes by 60% causes change in supply. Hence supply curve will shift towards left. Also price increases in this situation and quantity decreases in this situation.

Leading to change in market equilibrium change from E to E1 as shown in the picture given below.

2)As income decrease by 50% it will lead to change in demand by consumers , hence demand curve will shift towards left. Also increase in sellers by 20% means increase in supply,will lead to rightward shift of supply curve.

To note: here change in demand(50%) is more than change in supply(20%). Hence it is reflected by more gap in demand curve shift than supply curve shift.

Market equilibrium shift from E to to E1 as shown in the figure.

3) As government imposed price ceiling which made electricity generators protest, leading to poor quality of their service. It is important to note that there is a decrease in quality standard and not decrease in supply quantitatively. Also electricity being a inelastic good, its curve will be vertical straight line.

Hence there is no change in supply or demand thus market equibrium will remain the same.

Rahul Sunny answered 1 year ago

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