ou are the economic advisor to the Queensland government and have been designated to analyse the impact on output and price of prawns due to the outbreak of WSD. Your task is to write up a critical overview of the prawn market in Queensland and how the impact of WSD affects the output and price of prawns, and the impact on the economic welfare of both local consumers and producers.

You are the economic advisor to the Queensland government and have been designated to analyse the impact on output and price of prawns due to the outbreak of WSD. Your task is to write up a critical overview of the prawn market in Queensland and how the impact of WSD affects the output and price of prawns, and the impact on the economic welfare of both local consumers and producers. Your analysis must be supported by appropriate diagrams/models. You are also expected to provide and discuss two intervention strategies as part of the government’s economic policy strategy; and analyse their impacts on price and output; and impact on consumer and producer welfare.While it is relevant to consider social and normative issues, your essay should focus on economic analysis and should address such aspects as consumer and producer welfare, efficiency, functions of market and government intervention amongst other things. In preparing for this essay you should read as widely as possible. As a first step you should read Chapters 1 – 7 of your text to get a good understanding of the relevant economic theories. Note also that although this is primarily a microeconomic case study, you are free to consider relevant macroeconomic theories/issues where appropriate.• Title of Essay: Provide (i.e. Create your own) a title for your essay that indicates what you are trying to discuss. Note: No marks awarded for bad or good title.• Word limit: 2000 with 10% tolerance. (Tables and reference lists are not in the word count).• No Abstract; No Appendices.• NOTE: In week 4, more details on the essay will be provided in lecture. However, to benefit most from it, you should read the essay topic.