2.1 Briefly discuss the own price elasticity of demand for alcohol. Give one relevant example to demonstrate your understanding.

Is demand for alcohol consumption elastic or inelastic? Provide one determinant of elasticity to back up your answer. Give one example

2.2 Briefly discuss the cross-price elasticity of demand between Dan Murphy's brand and First Choice Liquor brand. Give one relevant example to demonstrate your understanding.

Determine the sign of the cross price elasticity based on the relationship between Dan Murphy's brand and First Choice Liquor brand (substitutes or complementary). Give an example.

2.3 How did demand for and supply of Liquor Retailing in Australia change in the past 5 years? In your answer, you should briefly discuss two relevant conditions (determinants) of demand and two relevant conditions (determinants) of supply in this market.

For each condition of demand, name the condition, state whether demand rises or falls and whether the demand curve shifts to the right or left. SAME for supply! Conditions chosen must be relevant. Do not theorise but be specific to this market. State whether demand has overall increased or decreased in the past 5 years. Same for supply

2.4 How is demand for and supply of Liquor Retailing in Australia likely to change in the next 5 years? In your answer, you should briefly discuss one relevant condition (determinant) of demand and one relevant condition (determinant) of supply in this market.

Select only ONE condition of demand and ONE of supply. Conditions must be relevant. Do not theorise but be specific. For the condition of demand chosen, name the condition, state whether demand is likely to rise or fall in the next 5 years and whether the demand curve is likely to shift to the right or left. SAME for supply! State whether demand is likely to increase or decrease overall in the next 5 years. Same for supply

https://my-ibisworld-com.ezproxy.lib.rmit.edu.au/download/au/en/business-environment-profiles/25048/1/0/pdf

https://my-ibisworld-com.ezproxy.lib.rmit.edu.au/download/au/en/industry/398/1/0/pdf