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Choose an essay question about qatar - Assignment Example

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Price Controls applied by the Qatar Government Name: Date: Price Controls applied by the Qatar Government Mining and extracting natural gas and petroleum, makes up for approximately sixty percent of Qatar's Gross Domestic Product, ninety percent of entire products export income and approximately seventy percent of government incomes…
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Choose an essay question about qatar

Download file to see previous pages... Agriculture is also a vital sector in the Qatar economy because of the objective of Qatar, which is food security. Qatar is a main importer of agricultural goods. The objective of food security is possible mostly through low customs tariffs. The Qatar government retains price controls on natural gas and petroleum. Qatar also sustains price controls on other manufactured products, like cement. Price Floors regards the minimum prices put by the government for particular goods and services, which it considers producers to be trading in an unjust market with very low prices, and hence such producers, need some assistance. Price floors become a problem when the government puts them higher than the equilibrium price. Once the prices are higher than the market price, there is likelihood that there will be a surplus or excess supply. In case this takes place, producers who cannot predict difficulty ahead will make the bigger quantity where the new price crosses their supply curve (Wessels, 2006). Clients will not purchase that many products at the higher price and so those products will end up unsold. There could be a serious economic depression if producers notice that there is insufficient demand, and in reaction reduces production. There exists deadweight loss linked with this decrease in quantity, mirrored in the loss of producer and customer surplus at lesser points of production. This policy can be of benefit to the producers, although only if they have elastic supply curve and thus they do not have any net loss. This type of government does not favor the consumers. They are the losers, as they pay high prices and the certain prices drives some out of the market, as they cannot afford the products. There are many policies of the government for putting up a price floor and handling its consequences. They may put an easy price floor, put production quotas or employ a price support. In Price supports, the government puts a minimum price, and then purchases all the surplus or excess supply (Carbaugh, 2011). This is normally more incompetent and expensive for the government and community as a whole than for the government to subsidize the firms concerned. Either the Production quotas increase the price by limiting production using authorized quotas or giving firms incentives to decrease their production. In Qatar, for instance, the government applies these techniques extensively with oil and agriculture. The government compensates the farmers to maintain some parts of their lands uncultivated, hence increasing prices. This policy would be more competent and less expensive to community if the government subsidized the producers straightly rather than putting a production limit. Price Surplus Supply PF PE Demand QD QE Qs Quantity QD-Quantity demanded QE-Equilibrium quantity QS-Quantity supplied PE-Equilibrium price PF- The floor price set Price ceilings Price Ceilings regards maximum prices put by the government for certain products and services, which they consider are being traded at a very high price, and hence clients require some assistance buying them. Price ceilings are an issue once the government set it under the market equilibrium price. Once the government sets the ceiling under the market equilibrium price, there will be supply shortage or surplus. The Producers will not generate as much at the lesser price, while clients will need more since the products are very cheap. ...Download file to see next pagesRead More
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