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Consider the market for rock lobster in the state of Victoria and use the 4-step process of analysing market shocks (Also known as comparative statics)

Consider the market for rock lobster in the state of Victoria and use the 4-step process of analysing market shocks (Also known as comparative statics) to determine what happens in the each of the following scenarios (Note each scenario is independent). a) Tourism Victoria reports that the number of overseas visitors is expected to significantly increase this summer. (2.5 marks) b) Due to a increasing water temperatures of the Victorian coastline the southern rock lobster total catch is reduced to protect the species. (2.5 marks)

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