Fish prices up due to bad weather and CNY Fish prices are likely to increase due to supply shortage as the uncertain weather conditions continue, say traders and fishermen. Sungai Besar Haisan Fishermen Association chairman Sia Chock Sung said the rainy season in December and January usually drives up prices by between 10% and 20%. "During these months, fishermen catch less fish as compared to May to June when the weather is hotter. "The temperature of the sea water has an impact on fishes too," he said. As Chinese New Year approaches, he said, the demand for prawns, threadfin and pomfret will be higher, boosting prices further. "The prices could be up 25% to 30%. Usually the prices go upwards a month before the Chinese New Year," Sia said. He said bad weather on Jan 4 and Jan 5 prevented fishermen from going out to sea. (Adapted from: Yong, Y. (2019, 8 January). Fish prices up due to bad weather and CNY. The Star. https://www.thestar.com.myewsation/2019/01/08/fish-prices-up-due-to-bad- weather-and-cny) Required: (a) With reference to the passage above, explain why fish prices are likely to increase. Illustrate your answer using a demand and supply diagram. (15 marks) (b) How might the price elasticity of supply of fish differ in the short-run and the long-run? Support your answer using evidence from the passage and outside the passage. (15 marks) (c) Discuss the possible economic effects of higher fish prices on: (i) consumers of fish. (ii) the revenue of fish sellers