Discuss the types of price controls and justify the type

Reference no: EM133261178

Question: Rising fuel costs are a massive problem for business and consumers".

1.1 With the aid of a diagram, use supply and demand analysis to justify the extent to which you agree with the above contention. (15)

1.2 The government may implement price controls to ensure fair pricing in the market. Discuss the types of price controls and justify the type of price control that may be implemented in this case. (20)

1.3 Taking the various types of price elasticities of demand into consideration, explain the category most relevant to fuel as a commodity

Reference no: EM133261178

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