Suppose that you are analysing the market for hotel accommodation in Sydney CBD. Briefly explain, what will be the impact on the equilibrium price and quantity the following event affecting the market for hotel accommodation? You are not required to draw the diagram but sketching these events on a rough draft page will help to work out the answers. Treat each case as a separate event affecting the market. EVENT : There is a new NSW Government regulation as to the minimum required hotel standards which leads to 40% of city hotels to close for renovation