Water rationing is common during droughts. In recent years, water quotas have been imposed in areas of
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Water rationing is common during droughts. In recent years, water quotas have been imposed in areas of California, Texas, Oklahoma, Florida, the U.S. Great Plains, and the U.S. Midwest, as well as in Egypt, Honduras, India, Kenya, New Zealand, Pakistan, and Venezuela. Rationing affects consumers' opportunity sets because they cannot necessarily buy as much as they want at market prices. Suppose that a government rations water by setting a quota on how much a consumer can purchase. If a consumer can afford to buy 12 thousand gallons a week but the government restricts purchases to no more than 10 thousand gallons a week, how does the consumer's opportunity set change?
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