Scenario You are a Freelance Economics Consultant who has been commissioned by the Commonwealth Government to analyse the state of affairs in the market for Liquor Retailing in Australia and report your findings to the Government.

REPORT 1.0 Market Structure Identify the market structure of Liquor Retailing in Australia. Explain how you reached your decision using economic theory and facts.

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

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.

2.3 Briefly discuss the cross-price elasticity of demand between alcohol and cigarettes. Give one relevant example to demonstrate your understanding.

2.4 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.

2.5 Illustrate the changes in 2.4 above in a demand and supply diagram showing clearly the impact on the equilibrium price and quantity. 2.6 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. 2.7 Illustrate the changes in 2.6 above in a demand and supply diagram showing clearly the impact on the equilibrium price and quantity.

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

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