You can use the "ILAC" style of reasoning in other disciplines too. For example, in Economics we have mentioned the "Law of Demand" and "Law of Supply". Can you apply these laws to the hypothetical policy scenario below and predict some of the policy's outcomes?

Scenario: The hospitality industry has been hit hard by the Covid-19 pandemic. Most hotels have suffered great losses in revenue from the fall in tourism. To boost revenue for the hotel industry, the government is considering a price floor of $300 per room per night for all hotels across New Zealand. Before enacting it, they have asked you to advise them on the likely economic and social impacts of the price control.

In the "Issue" section, clearly outline the core issue of this scenario. In the "Law" section, explain any relevant economic concepts, such as the Laws of Demand and Supply. In the "Application" section, explain how these laws or concepts apply to hotel industry (and any related markets). Use clear writing to describe how various economic or social outcomes will be impacted by this hypothetical policy.