Please refer below:

Read the following article 'Why is petrol so expensive right now?' (by Stuart Marsh) in Oct 2021 (https://www.9news.com.auational/petrol-prices-australia-why-is-it-so-expensive-right-nowexplainer/b7f466db-731c-4dad-926e-744957335c3d). If there are any other relevant references please also include.

9' Discuss reasons for high petrol prices in October 2021. (4 marks} Discuss whether the demand for and supply of petrol is elastic or inelastic in the short run. What about in the long run? (4 marks) Do you believe that the petrol market is close to a perfectly competitive market? Explain why or why not. (4 ma rks) If governments decided to limit petrol price increases in the future, what would be the effects of such a policy? (4 marks)