AYE Essay Trove

  Explain the factors that determine the price elasticity of demand, income elasticity of demand and cross elasticity of demand for a good. [10]   The Price Elasticity of Demand (PED) refers to the degree of responsiveness of the quantity demanded of a good to the change in its own price, ceteris paribus. The Income […]

Poor harvest and continued income growth have contributed to the significant increase in the price of durians in Singapore. Explain why poor harvest and continued income growth may have contributed to the sharp increase in the price of durian. [10] The sharp increase in the price of durian can be attributed to demand factors such as