Economics
Task Description:
Task Description:
Write a 1,000 word essay using the tools of economic analysis to describe and relevant diagrams to illustrate how government intervention in a market could result in unintended outcomes.
In your essay refer to ALL of the following points:
* How do the price elasticity of demand and the price elasticity of supply impact magnitude of the impact from market intervention?
* Why and how government could influence the market price for a product impacting on suppliers and consumers?
* Describe two real-life examples of government intervention and what do you think the interventions were meant to achieve in each case?( it is important that the examples are related to the Australian government and market)
* Overall, who are the likely beneficiaries and who loses with interventions in the market?
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