Using supply and demand graphs, illustrate and explain the following scenarios:
a) An increase inthe amount ofemployees retiring.b) The prices of materials used in car manufacturingdeceases.c) The government introduces a tax on mixed alcohol drinks.d) The effect of a decrease in income on the consumption of designer clothese) The effect of an increase in income on the occurrence of holidays.f) Genetic engineering has produced a coffee bean resistant to disease
Over recent months the Australian government has issued strong travel warnings advising Australian citizens not to travel to any country registered on the smarttravellerlist. Given that information what do you think is likely to happen in the:
1. Australian international air travel market?2. Australian domestic holiday market?
Required:Explain how this information will affect demand and/or supply in each of these markets.
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