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Sugar is one of the most important food ingredients that are used today. Sugar is necessary for the life because it gives energy in the human body, which is required in several human functions. No matter how strict our diet is, but sugar is present in many eating items. In 2009, the retail price of sugar was Rs. 47 per kg. It was the equilibrium price in the competitive sugar market. As sugar is an essential food item so the government decided to provide relief to the sugar consumers by setting its price below the equilibrium level (price ceiling) i.e. Rs. 40 per kg.
In the light of above discussion, logically discuss the consequences of this price ceiling by discussing its impact on the consumers, producers and on the overall society.
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The shortage may be resolved in many ways.One way is "queuing"; people have to wait in line for the product, and only those willing to wait in line for the product will actually get it. Sellers might provide the product only to family and friends, or those willing to pay extra "under the table". Another effect may be that sellers will lower the quality of the good sold. "Black markets" tend to be created by price ceilings.
ECO402 GDB Idea Solution