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MPE 781/981- Economics for Managers Trimester 2, 2015

MPE 781/981- Economics for Managers Trimester 2, 2015
Assignment: Economics Case Study
Due: 7th September (Monday, 11:59 pm), 2015.
I. Assignment Overview: This assignment is based on an article “Tourism Investment Monitor,” by Tourism Research Australia, May 2015. The article is already attached to this assignment question. Please read the article carefully before attempting this exercise. You will also need to draw on other resources available through the library as well as external resources. Please note that you need to provide clear references for your sources when citing research and data.
II. Learning Objectives: This assignment is d e s i g n e d to encourage you to think about the application of concepts learned in this unit in a real world scenario. This assignment, indeed, is interesting as it explains how the existing economic theories can explain markets like tourism in particular, how Government policies can shape up the tourism industry of a country. We hope that this assignment will expand the horizon of your thoughts.
III. Assessment: Your score on this assignment contributes towards 40% of your final score for this unit. Based on the attached Rubric, your assignment will be graded on your use of appropriate economic theory and concepts, clarity of exposition and overall quality of your answers. Although you can work in group, this is not a group assignment and you must submit answers individually.
IV. Submission: This assignment must be submitted electronically on CloudDeakin (CD) Dropbox area by all students by 11:59pm on the due date. No hard copy is required. Print your name and student ID clearly on the first page of your answers. Please check the Academic Honesty and Misconduct section in the Unit Guide. Submitting your answers automatically implies that you
have read and accepted the Plagiarism and Collusion Declaration, and that the submitted answers are entirely your own work.
V. Questions: Answer all questions. Limit the total word count of your assignment to less than 3,000 words. You are encouraged to 1provide necessary graphs, figures and tables with data wherever possible, which are not subject to word limit. Please be careful in implementing
referencing styles.
Question 1: (8 marks)
In your own words, summarize the article, “Tourism Investment Monitor,” by Tourism Research Australia, May 2015. In particular, what are the main messages of the article? [Hint: Please link your summary with relevant economic theories wherever you can]
Question 2: (8 marks)
Use appropriate diagrams to answer: Do you think increasing investment in Australian tourism industry is a prudent economic policy for the future sustainability? Why or why not? [Hint: Please do an extensive literature review to find out the pros and cons of the global tourism industry, their short term and long term impacts, etc.]
Question 3: (8 marks)
Suppose that the Australia’s hospitality industry is perfectly competitive (i.e., many hotel and/or accommodation providers). The federal government decides to levy a buyer’s tax (specific tax) on hotel accommodations. Use appropriate diagrams to answer:
(a) Examine the impacts of this buyer’s tax on the equilibrium rental prices, consumer surplus, producer surplus, and total surplus (or social welfare).
(b) Can an increase in the buyer’s tax raise social welfare?
(c) Can an increase in the buyer’s tax raise the federal government’s revenue?
Question 4: (8 marks)
Suppose that the tourism department’s prediction of increased tourism activities and investment has been proved right. Use appropriate diagrams to answer [Hint: Let’s assume the labor market in tourism industry is perfectly competitive]:
(a) What should be the new wage level in the tourism industry?
(b) If due to huge union pressure, the government sets minimum wage above this equilibrium wage, what should be the consequence? What would happen to social welfare?
Question 5: (8 marks)
Find three other countries or economies who are among the leaders in global tourism market. Give a brief description about their tourism industries [Hint: If possible present concrete fact and figures]. Provide your views or suggestions on the best measure to promote Australian as a highly sought tourism destination based on your research on the above three tourism based successful economies.
2
TOURISM INVESTMENT MONITOR 2015
May 2015
TOURISM
INVESTMENT
MONITOR 2015
Tourism Investment Monitor 2015
Photo: Supplied.
TOURISM RESEARCH AUSTRALIA
CONTENTS
FOREWORD 1 INFOGRAPHIC – AUSTRALIAN TOURISM INVESTMENT PIPELINE 2014 2 THE TOURISM INVESTMENT ENVIRONMENT 3
KEY TOURISM INDUSTRIES – INVESTMENT AND SUPPLY 8
OPPORTUNITIES 16
CONCLUSION 19
FIGURES
TOURISM RESEARCH AUSTRALIA
FOREWORD
Tourism Investment Monitor 2015 Monitor
THE 2014 PIPELINE
168 projects $53.7 billion
??$31.3 billion
??$13.9 billion
??
$8.5 billion
MonitorMonitor
5 15?
$3.9b $1.3b
??
?
?
?
?
?
?
?
? ?
?
?
?
?
?
? ?
3
AUSTRALIAN TOURISM INVESTMENT PIPELINE 2014
$53.7b 168
TOTAL VALUE OF PIPELINE
$4.3b
29 PROJECTS
NEW
71
5 168 71 21
CONTINUING
Value: $10.9b
$6.9b 23 PROJECTS
STILL IN PLANNING/ UNDER CONSIDERATION
32
Value: $12.2b
$3.9b
5 PROJECTS
PROGRESS FROM PLANNING TO COMMITTED
14
Value: $1.2b
$1.5b
9 PROJECTS
REMAIN COMMITTED/ UNDER CONSTRUCTION
35
Value: $28.1b
$5.2b
7 PROJECTS
21
ACCOMMODATION
PROJECTS
Value: $1.5b
$421 MILLION 4 PROJECTS
$31.3b
13 PROJECTS & 182 FLEET ORDERS+ $10.9b
$ $20.4b
AVIATION PROJECTS
Value:
$640 MILLION
$13.9b
57 PROJECTS
15,915 ROOMS
ARTS, RECREATION
& BUSINESS
7 PROJECTS
$8.5b
88 PROJECTS
SERVICES
Value:
$936 MILLION
TRA.GOV.AU
TOURISM RESEARCH AUSTRALIA
THE TOURISM INVESTMENT ENVIRONMENT
RECENT ECONOMIC TRENDS
INDUSTRY AND INVESTOR SENTIMENT
Tourism Industry Sentiment Survey Capacity to make major investments Capacity to refurbish existing product Exchange rate depreciation Shortage of skilled labour Adequacy of airport transport links Quality and frequency of major events, Lack of attractions Inadequate room supply
Tourism Investment Sentiment Survey
Very optimistic Optimistic Neutral OptimisticGlobal financial environment Access to investment funding
FIGURE 1 IMPORTANCE OF FACTORS IN UNDERPINNING POTENTIAL TOURISM INVESTMENT IN THE NEXT 12 MONTHS
5 MOST IMPORTANT 2014 2013 2012
4
3
2
1
0
GLOBAL FINANCIAL ENVIRONMENT
ACCESS TO INVESTMENT FUNDING
EXCHANGE RATES
IMPROVED CONSUMER CONFIDENCE AND DISCRETIONARY SPENDING
DEMAND FOR INTERNATIONAL SEAT CAPACITY (AVIATION)
DEMAND FOR DOMESTIC SEAT CAPACITY (AVIATION)
Tourism Investment Sentiment Survey Tourism Investment Sentiment Survey 2015
TOURISM RESEARCH AUSTRALIA
WHAT DOES THE FUTURE HOLD FOR AUSTRALIA’S TOURISM INDUSTRY?
TOURISM INDUSTRY PERFORMANCE
ECONOMIC CONTRIBUTION
INTERNATIONAL VISITOR ARRIVALS AND EXPENDITURE
??
??
??
??
??
??
??
DOMESTIC OVERNIGHT TRIPS AND EXPENDITURE
??
??
??
??
AVIATION
TOURISM RESEARCH AUSTRALIA
ACCOMMODATION
?
?
?
?
KEY TOURISM INDUSTRIES – INVESTMENT AND SUPPLY
TOTAL INVESTMENT PIPELINE $4.3b (8.7%) AVIATION $1.8b ARTS, RECREATION & BUSINESS $5.0b ACCOMMODATION $1.1b
Under consideration/possibleCommitted/under constructionRecently completed Tourism Investment Monitor
Monitor Committed/under construction Under consideration/ possible
FIGURE 2: TOURISM INVESTMENT PIPELINE PROGRESS, 2011–2014
2014
2013
2011
UNDER CONSIDERATION/POSSIBLE COMMITTED/UNDER CONSTRUCTION RECENTLY COMPLETED*
0 10 20 30 40 50 60
$ BILLION
TOURISM RESEARCH AUSTRALIA
??
??
??
??
??
??
??
??
??
??
??
??
??
??
FIGURE 3: TOURISM INVESTMENT PIPELINE – VALUE OF INVESTMENT BY SECTOR AND STATE/ TERRITORY, 2014
$245 MILLION 0.7%
$7.8 BILLION 23%
$6.6 BILLION 20%
TOURISM INVESTMENT PIPELINE
$53.7 BILLION*
$9.1 BILLION 27%
$2.4 BILLION 7%
$6.8 BILLION 20%
$130 MILLION 0.4%
$347 MILLION 1%
ACCOMMODATION
AVIATION INFRASTRUCTURE ARTS AND RECREATION
TOURISM RESEARCH AUSTRALIA
?
?
CHANGE ($ BILLION)
?
AVIATION
INFRASTRUCTURE $4.1b
FLEET $5.9b
TOTAL $1.8b
THE 2014 AVIATION INVESTMENT PIPELINE
AVIATION INFRASTRUCTURE INVESTMENT
Possible Under construction
Under construction Under consideration
FIGURE 4: CHANGE IN AVIATION INVESTMENT, 2014 COMPARED TO 2013
6 AVIATION INFRASTRUCTURE
AIRCRAFT ORDERS
4 TOTAL
2
0
-2
-4
-6
-8 UNDER
CONSIDERATION/ POSSIBLE
COMMITTED UNDER CONSTRUCTION
TOTAL COMPLETED/ DELIVERED
AIRCRAFT INVESTMENT
TOURISM RESEARCH AUSTRALIA
?
?
CHANGE ($ BILLION)
UNDER CONSIDERATION/
POSSIBLE
COMMITTED
UNDER CONSTRUCTION
?
TOTAL
ARTS, RECREATION AND BUSINESS SERVICES INFRASTRUCTURE
CONSIDERED/POSSIBLE $4.6b
COMMITTED/CONSTRUCTION $430m
TOTAL $5.0b
THE 2014 ARTS, RECREATION AND BUSINESS SERVICES INFRASTRUCTURE INVESTMENT PIPELINE
‘Under consideration/possible’
Under consideration/possible Committed Under construction
Under construction Under construction Committed
FIGURE 5: CHANGE IN ARTS, RECREATION AND BUSINESS SERVICES INFRASTRUCTURE INVESTMENT, 2014 COMPARED TO 2013
6
5
4
3
2
1
0
-1
-2
-3
TOURISM RESEARCH AUSTRALIA
CHANGE (ROOMS)
?
?
?
CHANGE ($ BILLION)
ACCOMMODATION
VALUE $1.1b
ROOMS 3,890
TRANSACTIONS 39%
THE 2014 ACCOMMODATION INVESTMENT PIPELINE
Under consideration/possible phase7
FIGURE 6: CHANGE IN ACCOMMODATION INVESTMENT, 2014 COMPARED TO 2013
5,000
4,000
3,000
2,000
1,000
5
ROOMS (NO – LHS) VALUE ($ BILLION – RHS)
4
3
2
1
0
UNDER
CONSIDERATION/ POSSIBLE
COMMITTED/ UNDER CONSTRUCTION
RECENTLY COMPLETED
0
SOLD TOTAL
Possible/under consideration Possible/under consideration Committed/under construction
NUMBER OF TRANSACTIONS
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
TRANSACTION VOLUME ($ BILLION)
Under consideration/ possible Committed/under construction
FIGURE 7: TRANSACTION VOLUMES AND NUMBER OF TRANSACTIONS, 2000 TO 2014
50 3.0
45
2.5
40
35 2.0
30
25 1.5
20
1.0
15
10 0.5
5
0 0
ACCOMMODATION INDUSTRY TRANSACTIONS
??
??
??
??
NUMBER OF TRANSACTIONS* TRANSACTION VOLUME ($ BILLION)
TOURISM RESEARCH AUSTRALIA
OPPORTUNITIES
Monitor Monitor
GROWTH IN MIXED-USE DEVELOPMENT
Monitor
Committed/under construction
SCARCITY OF PRIME LAND IS FUELING MIXED-USE DEVELOPMENT
??
??
??
??
INTEREST FROM ASIAN INVESTORS IS INCREASING
??
??
??
??
??
FIGURE 8: MIXED-USE INVESTMENT, 2012 TO 2014
VALUE ($ MILLION)
ROOMS (NO.)
VALUE ($ MILLION)
ROOMS (NO.) VALUE ($ MILLION)
ROOMS (NO.)
UNDER CONSIDERATION/POSSIBLE COMMITTED/UNDER CONSTRUCTION RECENTLY COMPLETED
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000
TOURISM RESEARCH AUSTRALIA
2013
2014
NEW PROGRESS PROJECTS PROJECTS PROJECTS FROM ABANDONED COMPLETED
PLANNING TO COMMITTED
NEW PROGRESS PROJECTS PROJECTS PROJECTS FROM ABANDONED COMPLETED
PLANNING TO COMMITTED
VALUE ($ BILLION)
PROJECTS (NO.)
IMPROVEMENT IN PROJECT PROGRESS THROUGH THE PIPELINE
Monitor
Under consideration Under construction
Under consideration Under construction Proposed Under construction.
FIGURE 9: PIPELINE PROGRESS, BY VALUE AND VOLUME, 2014 COMPARED TO 2013
15 80
70
12
60
9 50
40
6
30
20
3
10
0 0
CONCLUSION
Committed Under construction
Tourism 2020
TOURISM INVESTMENT MONITOR 2015 | May 2015

Poor or missing
Inadequate
Mostly adeq uate
General demonstrat ion
Accurate demonstration
Scholarly
analysis of theories.
demonstrati on of
demonstration of
of critical analysis of
of critical analysis of
demonstration of
Always presents information from
critica l analysis of relevant theories and
critical analysis of theories and models,
theo ries and models.
Presents complex
theories and models.
Synthesises
critical analysis of theories and models.
Question 3 Accessing Criterion (Problem Solving); Total Marks:8
Question 4 Accessing Criterion Critical Thinking (Existing Knowledge, Research
Demonstrates no ability to independently construct a clear statement about a complex problem or research hypothesis.
Proposes no solutions or ideas to address new and complex problems.
Demonstrates no evidence of initiative in planning and
identifies no viable approaches for solving complex problems.
(0 – 2 marks)
Demonstrates a
limited ability to independently construct a clear and statement about a complex problem or research hypothesis. Proposes inappropriate
solutions or ideas to
address new and complex problems. Demonstrates limited evidence of initiative in planning and identifies few viable approaches for solving complex problems.
(2.1 – 3.9 marks)
Demonstrates
satisfactory a bility to independently and expertly construct a clear statement about a comp lex problem or research hypothesis
w ith evidence. Creates an acceptable new object, solution, or idea ; Proposes one or more acceptable creative solutions to existing and/or new situations in professional practice; also the solution reflects proficient judgement of the pros
and cons of the various options.
(4 – 4.7 marks)
Demonstrates a good ability to independently and expertly construct
a clear statement about a complex problem or research hypothesis with evidence of reasonably relevant contextual factors.
Proposes reasonable adaptations of existing objects, solutions or ideas to address new
and comp lex problems Demonstrates a very high level of initiative in planning and identifies multiple approaches for
resea rching and solving complex problems.
Provide relevant diagrams.
(4.8 – 5.5 marks)
Demonstrates a very good ability to independently a nd expertly construct a clear and insightful statement about a complex problem or research hypothesis w ith evidence of relevant contextua l factors. Create a brilliant innovative
new object, solution or idea; Proposes
ada ptations of existing objects, solutions or ideas to address new and complex problems, reflects on and evaluates the creative process and product .
Skilfully extends an existing idea.
Demonstrates a high level of initiative in planning and identifies multiple, innovative approaches. Provide relevant diagrams.
(5.6 – 6.3 marks)
Demonstrates
exceeding ly high ability to independent! and expertly construe
a clear and insightful statement about a
complex problem or researc h hypothesis w ith evidence of all relevant contextual factors . Create a ground-breaking
innovative new object solution or idea ; Proposes adaptat ions <
existing objects, solutions or ideas to
address new and complex problems, reflects on and evaluates the creativE process and product.
Outstandingly extends an existing idea Demonstrates a very high level of initiative in planning and identifies multiple innovative app roache Proposes one or more exemplary creative, novel solutions to existing and/or new
situations in
professional practice.
Provide relevant diagrams.
(6.4 – 8 marks)
(0 – 2 marks)
(2.1 – 3.9 marks)
Provide diagrams and relevant figures to
relevant figures to make a consistent
Provide diagrams and relevant figures to
professional practice. Provide diagra ms anc
make a consistent
argument with good
make a consistent
relevant figures to
argument w ith good
reasoning.
argument w ith good
make a consistent
reasoning.
(4 – 4.7 marks)
(4.8 – 5.5 marks)
reasoning.
( 5.6 – 6.3 marks)
argument with good reasoning.
(6.4 – 8 marks)
Overall Score
0 or More
11or more
20 or more
24 or more
28 or more
32 or more
FAI L (N)
FA IL (N)
PASS (P)
CREDIT (C)
DISTINCTION (D)
H GH DISTINCTION
(HD)
or/and Views); Total Marks:8
Question 5 Accessing Criterion (Global Citizenship); Total Marks:8
ina ppropriate sources representing very limited points of view or approaches.
(0 – 2 marks)
Demonstrates no understanding of the complexity of global/ cultural I ethica l perspectives or of
professiona l practice.
models; Poor reasoning and argument w ith no supporting evidence.
Often presents information from inappropriate sources representing limited points of view or approaches .
(2.1 – 3.9 marks)
Demonstrates limited understanding of the complex ity of global/ cultural I ethical perspectives or of
professional practice.
yet some inconsistencies remain in the arguments.
Presents information , from relevant sources representing various
points of view or approac hes, and demonstrat ing a mastery of theoretical knowledge.
(4 – 4.7 marks)
Demonstrates acceptable level of understanding of the complexity of global/
cultural I ethical
perspectives or of professional practice.
information from relevant sources representing various points of view or approaches, and demonstrat ing a mastery of theoretical knowledge. Provides diagrams explaining one critical aspect of the theories.
(4.8 – 5.5 marks)
Demonstrates a high level of understanding of the complexity of
global/ cultura l I ethica l
perspectives or of professional practice. Provide diagrams and
information and knowledge from a range of relevant sources representing various points of view, approaches and demonstrati ng a high level of mastery of theoretical knowledge.
Provides diagrams explaining different critica l aspects of the theories.
( 5.6 – 6.3 marks)
Demonstrates very good sophisticated understanding of the complexity of global/
cultural I ethical
perspectives or of professional practice.
Synthesises comple: information and know ledge from a broad range of relevant sources representing various points of view, approaches and demonstrating a high level of mastery of theoretical knowledgE and expert
understanding of recer developments in the discipline and/or a rea of professional practio
Provides diagra ms
explaining different critical aspects of the theories.
(6.4 – 8 marks)
Demonstrates extraordinarily sophisticated and dee
understanding of the complexity of global/ cultural I ethical perspectives or of

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