BHM304 Hospitality Economics Assessment Solution With Samples

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Assignment Details:

• Referencing Styles: Harvard
• Course Code: BHM304
• Course Title: Hospitality Economics
• University: Australian Catholic University
• Country: AU

Part 1: About the background of the government policy

1. Describe what is novel Coronavirus and the potential channel of this shock affecting the Australian economy.
2. Describe the government dilemma in tackling the situation (Hint: think about the efficiency and equity trade‐off).
3. As we can see in the statement, the government has decided to rollout the vaccine program in phases. Think about who gains and who loses from this policy, and how such government policy may affect them. (Hint: think of two sectors, such as, education and tour operating).

Part 2: Let us think about the market of tour operating services BEFORE announcement of the vaccine roll out program

1. Describe who are the customers of tour operating services? What do you think about the income elasticity of demand in these services?
2. Think about the supplier of the services, comment on the short‐term supply elasticity of these services

Part 3: Impact of government policy on market of tour operating services As the vaccine rollout program is announced, what is the likely effect of this policy on the equilibrium in the market of tour operating services?

1. Describe how the policy affects demand for and supply of the tour operating services.
2. Do the comparative static to see the effect of the policy on creating new market equilibrium. Provide graph (before and after) and explain the changes.