The assignment is to review the economy of the hotel industry in Sydney, Australia. 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 followingquestions.1. Outline the main features and trends in Sydney’s hotelindustry outlook. (600-700 words, exclude references)2. Explain and account for the price and income elasticity ofdemand in this market in both the short run and the long run.(600-700words, exclude references)You are expected to refer, in text, to a minimum of eightacademic journal articles or industry journal articles or relevant textbooks, plus others as required, in order to show competency in the assessment. All referencing must be inaccordance with APA 6th Edition Referencing.
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