Suppose that the tourism market in Australia is perfectly competitive (i.e., many tourism companies). The pandemic of Covid-19 lowers tourism demand in Australia.

Using appropriate diagrams to answer:

(a). By using industry's Demand and Supply curves, please examine the impacts of Covid-19 on the Australian tourism market in the short run and long run

(b). By using firm's price and cost curves, please examine the short-run and long-run impacts of Covid-19 on a representative tourism company in

Australia