Assuming that the announcement affects only the supply of bell peppers, the decrease in farm lease prices will cause a shift in the supply curve to the right. This can be represented graphically as a shift of the supply curve from S to S', where S' is to the right of S.
The equilibrium price and quantity will be determined by the intersection of the new supply curve S' and the original demand curve D. The equilibrium price will be lower than before the announcement, but the equilibrium quantity will be higher.
The exact location of the new equilibrium point will depend on the elasticity of demand and supply. If demand is relatively elastic, the decrease in price will lead to a larger increase in quantity, and the new equilibrium quantity will be relatively high. Conversely, if demand is relatively inelastic, the increase in quantity will be smaller, and the new equilibrium quantity will be relatively low.