Assessment Task Two - Life Project into Liquor Retailing in Australia Industry

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A. Instructions to Students

1. Due date:

This project is to be submitted by 11.59pm on Thursday 15 September 2016.

2. Lodgement:

 

This project must be submitted via Turnitin together with the assignment cover page.  One submission per team is required.

Also a hardcopy of the project should be submitted to your lecturer.

You must submit to your lecturer in person during class time two other forms by Friday 5 August:

1. Team submission form.
2. Equity of contribution form.

Both forms as well as the assignment cover page can be accessed from the following subdirectory on Blackboard:  Assessment   | Project Requirements

Students working together on this project will receive the same mark.

You are advised to retain a copy of your project.

3. Penalty for lateness

Late submissions will be penalised at a rate of 10% of the overall mark per day.

4. Table of contents and referencing

Your project must provide a table of contents, references and any appendices, if required. These do not count towards your word limit.

Students are required to acknowledge all sources of information and to include a bibliography of cited texts.  For guidelines on referencing, see a document on blackboard titled, “Guidelines for Referencing.”

Note that failure to acknowledge sources and to properly reference information will result in the material not be included in your assessment or a mark deduction for the question.  

Students are to use their own words to demonstrate understanding of the economic theory and its application.

5. Work Requirement:

The project accounts for 25% of the total assessment for this course and should be no more than 1900 words. Projects exceeding the specified word limit will be penalised by 1 mark for every 100 words exceeding the limit.

B. Project Guidelines

Project Overview

This project provides students with an opportunity to research into life microeconomic aspects of the Liquor Retailing industry in Australia.

The aim of the project is to give students an opportunity to apply microeconomic concepts and tools covered in class to a practical context.

Project objectives.

This project covers the following course learning outcomes:

CLO 1: understand the basic microeconomic problems facing society 
CLO 2: understand the interaction of demand and supply in the market place
CLO 3: demonstrate some familiarity with sources of business data
CLO 6: have an awareness of the possible causes of market failure and the role of the government
CLO 7: understand concepts and analyse problems, both numerically and diagrammatically, rather than attempting to memorise and quote correct answers
CLO 8: be able to apply simple microeconomic theory, using appropriate techniques, to some practical problems.

PROJECT TASK

Scenario

You are a Freelance Economics Consultant who has been commissioned by the Commonwealth Government to analyse the state of affairs in the industry of Liquor retailing in Australia and report your findings to the Government.

Task

Access the IBIS World report on the industry of Liquor retailing in Australia and answer the questions below, in your own words.

To access the IBIS World Report, go to RMIT’s home page. Then select ‘Library’ and launch ‘Databases A-Z’. After this, select the popular database of ‘IBIS World.’ Once in the database, search for ‘Liquor retailing in Australia.’

You can also use any other resources you find relevant during your research.

1. Overview and Market Structure

1. Provide a brief overview of the industry i.e. a definition of this industry, its products and main activities.                             

(maximum 40 words)

2. Identify the market structure of the industry.  Explain how you reached your decision using economic theory.

              (maximum 200 words)

2. Demand and Supply Analysis

3. Using demand theory, analyse three existing conditions (determinants) of demand that are prevailing in this industry.  

              (maximum 180 words)

4. Using supply theory, analyse three existing conditions (determinants) of supply that are prevailing in this industry.

              (maximum 180 words)

3. Market Analysis

5. Analysis of the market for alcohol

A. Analyse how the composition of alcohol consumption changed in the past few years.

B. Analyse how the demand and supply of alcohol is likely to change in the next few years. Illustrate your answers with one graph showing the initial and final situation and the impact on price and quantity.

                     (maximum 400 words)

6. Elasticity

1. Define and briefly explain the concepts of own price elasticity of demand and income elasticity of demand for liquor retailing.
2. Using economic theory and facts determine whether the demand for liquor is elastic or inelastic.  Explain your answer.
3. Would a significant increase in the price of liquor have any impact on soft drinks? Explain.

     (maximum 200 words)

VII. Government intervention

Discuss three forms of government intervention in the market for alcohol and the impact each intervention has on firms and consumers.

     (maximum 300 words)

 

Further Analysis of the Market

7. In your opinion, explain whether you believe there is any type of externality present in the liquor retailing industry.  If an externality is present, describe what action is available to the government in order to eliminate the externality.  Illustrate, where possible, both situations using two graphs – one showing the unregulated market and the other showing the government intervention.

         
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