爱德思IAL：U1 Essay真题解析
题目分析
Knowledge, application和analysis怎么写？
Maximum price降低airport这些地方的bottled water的价格，make it more affordable and benefit consumers.
增加bottled water的quantity demanded，从Qe增加到QD；但是quantity supplied却从Qe减少到Qs. 因此，导致shortage (excess demand)，图上为QSQD.
Shortage可能导致informal market. Consumers may have to pay higher prices in informal market.
B和E两个区域代表了welfare loss. 解释：没有maximum price时，consumer surplus+producer surplus=A+B+C+E+F；有了maximum price之后，consumer surplus+producer surplus=A+C+F。因此，B和E是maximum price导致的welfare loss（损失的consumer and producer surplus之和）.
Reduced price and profit may make firms leave bottled water market and produce or sell other drinks.
Evaluation怎么写？
PED and PES may affect extent of shortage.
Maximum price may have little effect on sellers of bottled water at other places, such as local supermarkets.
If maximum price is set too low or too high, there might be government failure.
The extent of welfare loss is also influenced by PED and PES.
Informal market may not appear, if there are tight regulation and supervision.
Profit of sellers may not fall if they are able to sell more other substitutes.
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