Assume you were an economic advisor for the UK government, a group of MPs debated that government should be more proactive by intervening the markets with price control policies whenever possible to ensure effectiveness and economic efficiency.

Assume you were an economic advisor for the UK government, a group of MPs debated that government should be more proactive by intervening the markets with price control policies whenever possible to ensure effectiveness and economic efficiency. The government asked you to prepare an essay on price control policies and your opinion whether price controls should be placed in the government agenda In your essay, the government expect you to: 1) Explain and give intuitive reasons of price controls by focusing on the pros and cons, economic impact on price and quantity, as well as its effectiveness and efficiency (30%) 2) Refer to a successful (or an unsuccessful) example of a price control applied in the UK or other country as a case study to support your recommendation whether or not the price control policies should be placed in the government agenda. (30%) 3) Use appropriate diagrams, charts, or table of statistics to help the government see the economic impact visually. (20%) 4) Demonstrate logical development, structure and use of language effectively. (20%)
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