Q1. Using the demand and supply model, explain and illustrate the effect of coronayirus outbreak on the market for lobsters in Australia. Hint: Make sure you discuss the eguilibrating process, and clearly outline the assumptions in discussing the factors causing change in price and quantity. {6 marks} Q2 (a). Use the determinants of price elasticity of demand to analyse whether the demand for lobsters is likely to be price elastic or inelastic. {3 marks] Q2 (b). Based on your analysis in (12 (a) explain and illustrate graphically what will happen to the total reyenue of the shing industry following a decrease in price of lobsters. {4 marks} Your assignment will also be assessed on how effectively you can communicate with the reader; i.e. how well you have presented your arguments and ensured your analysis is logical and consistent. Presentation, effective writing including proper grammar, referencing and formatting: (2 marks}