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ECON 7002 Markets in Action Word [Include only words written under the four criterion headings below. Exclude all section headings, diagrams, figures and references. Words over the 1300 limit will be penalised.] The Chosen Firm 1. Introduction 1.1 Firm Characteristics (word count: 123) (Briefly describe the nature and characteristics of the chosen company and its operating environment.) 1.2 Market structure (word count: 123) (Outline the market structure of the market you have chosen. Also, argue for the price elasticity of demand and the price elasticity of supply of such product.) 2. Analysis of the government Intervention (word count: 123) (Describe one real-life example of the current or upcoming government intervention in the market that has been occurring or being reported on no earlier than 12 months before the submission date. A reference for this intervention must be provided. This is not for you to come up with the intervention by yourself. Outline the reason(s) why the government wants/wanted to influence the market (e.g. to alter the market price and/or the market quantity sold or demanded). What do you think the intervention was meant to achieve? Explain the means by which it could achieve this. How would this impact market suppliers and consumers?
(If applicable) How do the price elasticity of demand and the price elasticity of supply affect the magnitude of impact from this market intervention? Note any unintended consequences of the policy. Briefly describie how they might arise. Overall, who is likely to benefit and who is likely to be disadvantaged by the intervention? Is the company you chose likely to benefit or likely to be disadvantaged by the intervention?) 3. Cross Comparison (word count: 123) (Provide other government intervention previously engaged in a similar market that was meant to achieve the similar outcome(s) as in section 2. Compare these outcome(s) to section 2.) 4. Critical Reflection (word count: 123) (Critical reflection of the analytical approach, emphasising its strengths and weaknesses for the real world.)