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Draw a diagram to show the impact of border closures

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Reference no: EM132890526

By business reporters Stephanie Chalmers and Nassim Khadem Posted Monday 1 February 2021 at 5:13am, updated Monday 1 February 2021 at 8:03am

https://www.abc.net.au/news/2021-02-01/quarantine-contracts-hotel-industry-slow-recovery-covid19/13098452

(a) Draw a diagram to show the impact of border closures on the demand curve for Australian CBD hotel rooms. On the same diagram, show a further impact of joining hotel quarantine programs on the demand for CBD hotel rooms. Explain the reasons for these changes, including a basic explanation of what a demand curve represents.

(b) What can you say about the cross-price elasticity of the demand for CBD hotel rooms with respect to international flights before covid?

(c) What could you predict about the income elasticity of the demand for CBD 5-star hotel rooms before Covid? Based on what Mr Cloutman described, consumers are starting to associate these luxury hotels as quarantine hotels. How would this change the income elasticity of the demand for them?

(d) Suppose regional travel within states is becoming more popular in Australia. Draw a clearly-labelled diagram to explain what would happen in regional hotel market in terms of demand, supply and the equilibrium price. Be sure to explain which curve has shifted to what direction and the impact on the equilibrium price and quantity.

Reference no: EM132890526

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