April 25, 1982

WASHINGTON CELEBRATING was muted today as the last Israelis withdrew from Sinai, marking 37 months since the peace treaty with Egypt was signed. The early euphoria after the first Arab-Israeli peace treaty was sealed in Washington had long since dissipated, but it still retains enormous political and military importance. The treaty demonstrated that at least one Arab state was ready to live in peace with Israel. Jerusalem's concerns at the prospect of having to fight another war on all frontiers at once were sharply reduced.

The Price of Deflation As the chairman of the President's Council of Economic Advisors noted last week, dramatic declines in inflation - the Consumer Price Index actually fell at a 3.3 percent annual rate last month - are helping to stretch the consumer's dollar. And, with inventories all but liquidated and the July tax cuts not far off, the building blocks of a recovery seem to be falling in place. Unfortunately, good news for consumers has meant misery to companies: With unit labor costs rising at a faster rate than prices, corporate profits are tumbling, discouraging future investment. The longer that continues, the more unlikely a sustainable upturn becomes.

''It's just incredible, these one-run games,'' Manager George Bamberger said today after the Mets had played a onerun game for the eighth time this season and the fifth straight time against the Expos. The Mets won this one, 1-0, on a seventh-inning double by John Stearns that scored Gary Rajsich. ''Just a great game,'' said Bamberger, after the Mets had scored their second victory in the one-run games against the Expos and their fourth in the eight over all. Bamberger was exulting over his decision to promote Charlie Puleo to a new four-pitcher rotation that also includes Pat Zachry, Mike Scott and Randy Jones. Puleo, a right-hander who attended Bloomfield (N.J.) High School and Seton Hall University, gave up only three hits in six and one-third innings.

LAST fall Dan McKechnie, a 26-year-old teacher in Irvine, Calif., took out a personal loan of $15,000 to buy his sixth-graders two computer keyboards, six monitors, one printer, two disk drives and $10,000 worth of software. Now Mr. McKechnie moonlights as a video producer to pay back his loan. ''It's worth every penny of that loan,'' he said, ''to see the excitement in my kids' eyes and witness the growth they've experienced as the result of working with a microcomputer.'' Across the country, in Philadelphia, Grover Washington Jr., the Grammy award-winning jazz musician, auctioned off the opportunity to play with his band on his next record album in order to buy a microcomputer for his children's school, Friends' Central. He also persuaded another member of the community, Julius Erving, to donate a pair of autographed basketball sneakers to the cause. One of the famous Dr. J's shoes, size 15 1/2, raised $200 for computers.

The Detroit Tigers, the hottest team in the American League, staged a multifaceted show at Yankee Stadium yesterday. They unleashed a three-homer barrage against Doyle Alexander, and they punctuated their 7-2 victory over the Yankees with an incident involving their manager and their star player that was reminiscent of the Reggie Jackson-Billy Martin drama in Boston five years ago. Jerry Turner and Kirk Gibson, Manager Sparky Anderson's star players, each hit a bases-empty home run, and Larry Herndon added a three-run shot as the Tigers, who lead the American League East with an 11-5 record, gained their eighth straight victory. For the Yankees, 5-8 over all, it was their fifth defeat in five games at the Stadium this season.