Read the article titled "Why is petrol so expensive? Global oil deals and the Reserve Bank's dilemma" (by David Chau, Source: ABC, Date: December 28, 2017) and provide answers to the following questions.
1. Using demand and supply model(s) to explain and illustrate what happened in the global oil market that led to a price rise in the Australian petrol market. You need to use a demand and supply diagram for both markets, and articulate the determinants in each market that lead to the change.
2. Drawing on the influences (determinants) of price elasticity of demand, explain whether the demand for petrol in Australia is elastic or inelastic. With the aid of an appropriate diagram, illustrate the effect of price rise on the total revenue of a petrol station.
3. If the government decides to impose a tax of 20 cents per litre on petrol, illustrate the impact of the tax on market equilibrium price, and discuss whether the outcome is efficient by demonstrating the change of consumer’s and producer’s surplus as a result of the tax.
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