The main features and trends in Australia’s inbound tourism market.

The following post has two assignments namely;

1.The main features and trends in Australia’s inbound tourism market.

As a future leader in Hospitality and Tourism, you will need to be very aware of changes in the tourism market and their impact on your hospitality business. You will also need to be aware of the
impact of varying economic factors on the tourism market.

Your report is on the inbound (international) tourism market in Australia and you will need to show an understanding of its main features and to demonstrate your understanding of the principles of
economic analysis in addressing the following questions.
1. Outline the main features and trends in Australia’s inbound tourism market.
2. Explain and account for the price and income elasticities of demand in this market in both the short run and the long run.
3. Choose five different factors that could affect supply and/or demand in this market and using appropriate diagrams explain their effect on this market.
4. Describe the economic structure of the tourism industry in Australia and discuss the implications for profits in the industry in both the short run and the long run.

2.CONTRACTUAL FORMATION

Mowgli, a sharp businessman, and Kipling, an equally sharp businesswoman, occasionally see each other on the ride to work on the subway. During these rides, they enjoy talking about their
respective businesses. After some time, it becomes clear to both of them that Kipling produces widgets she could profitably sell to Mowgli. Mowgli, unknown to Kipling, will be able to repackage and
resell these widgets to Delbo, one of his customers at a handsome profit (if Kipling knew about this customer, she could have sold the widgets directly). As the subway rides continue, they discuss
production, colors, sizes, shipment, price, delivery dates, quantities, and other aspects of a sale of widgets by Kipling to Mowgli. Their only communication is during these subway rides.
One day, after having not seen Kipling for a couple of weeks, Mowgli arrives at work to find a shipment of 10,000 widgets has been left on his loading dock. Checking his email, he finds an invoice
from Kipling for $10,000 plus shipping costs. Mowgli lets the shipment sit on his loading dock for a week, then inspects some of the widgets, finding that they exactly conform to the discussions he
had with Kipling on the subway. Mowgli calls up Delbo, his customer, only to get a phone message announcing that a bankruptcy had been filed that morning and they were out of business.
Take a position and discuss the formation (or non-formation) of a contract between Mowgli and Kipling, with emphasis on the elements of offer, acceptance, consideration and mutual assent, and
things the parties could have done differently to alter the outcome of this situation.