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Price ceiling/floor and Indirect tax essay plans

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Essay structure for a question which is focused on price ceiling/floor or indirect tax government policy

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  • July 12, 2021
  • 1
  • 2019/2020
  • Other
  • Unknown
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Effect of Price Ceiling(Floor)
Intro:

- Define what is a price ceiling
- Price ceiling is a form of government intervention which is a price control implemented in
order to increase equity
- Example of Price ceiling is rent controls in London; prevent the charging of above a certain
price for rent in order to try and increase affordability of housing
- Example of Price floor is minimum wage; currently is £6.45/hr for 18-20 yr olds and £8.20/hr
for 21-24 yr olds (National Minimum Wage and National Living Wage Rates, 2020)
- Price controls are important for governments to consider using in order to improve equity in
society i.e. attempt to make society fairer.

Main Body:

- Price Ceiling D+S Diagram
- Excess Demand
- Lower Price
- Market doesn’t clear due to the effect of the legal price control
- People may still consume a good or service using black market.
- People may simply import the good/service

Conclusion:

- Summarise the effect of the price ceiling

Effect of Indirect Tax
Intro:

- Define Indirect taxes
- Define the type of tax in question: Ad-valorem/specific tax

Main Body:

- Diagram for the tax
- Price and Quantity changes
- Reason behind shift of curve left and shape of the curve shift
- Incidence of tax
- Variation of Incidence depending on elasticity of supply/demand: resulting difference in
burden of tax: does this affect the purpose for why the tax was used?

Conclusion:

- How effective is the tax at achieving what it aimed to?

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