In this part of your paper, you are required to discuss the Demand and Supply interactions. a) What are the Determinants of Market Demand for your chosen event? How do these determinants affect Total Demand? b) What are the Determinants of Market Supply for your chosen event? How do these determinants affect Total Supply? c) Who has power in the market? Analyse any shortage or surplus situation, if applicable. d) Characterize the elasticity of the product being analysed. Who bears the cost of any price increase? Industry Description and Market Structure Analysis (5 marks, up to 500 words) a) Characterize the size of the industry and the level of competition. b) Identify the Market Structure in the industry. Discuss how market structure influences the prices in the industry. c) Identify the regulator/s of the industry. Comment on the extent of the regulator's power to ensure compliance within the industry. d) Are there any industry groups that help regulate behaviour aside from regulators? Externalities (5 marks, up to 500 words) a) Aside from the initial buyer and seller that you have identified, are there any 3d parties affected by the economic event? b) Describe the impact to the 3" party. Is it negative or positive? c) What other actions or behaviour is triggered by the impact to the 3" party? What solutions are applied for the externalities you have identified? Findings, Conclusion and Recommendations (3 marks, up to 250 words) Based on a summary of your findings, comment on the economic health of the industry (microeconomics) and the economy as a whole (macroeconomics). What further recommendations from regulators and industry experts can be applied to sustain the health and development of the industry and the country? Do you agree with these recommendations? State why or why not. Presentation of Paper (including Assignment Cover Page and Reference List) - 2 marks and not included in word count