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 …
Previously, we shared about the rising property price in Singapore from from 2008 till end of 2013 using economics theory : Demand and Supply and how is it applicable in Singapore. Today, we will be sharing about the plunging property prices using the same analogy! To deal with ever-rising property prices in 2008, Singapore Government …
Demand and Supply in Singapore – Property Prices Part II Read More »
“The property price is rising faster than rocket?!” So what exactly causes property prices in Singapore to rise and fall? And you will be surprised (or not so surprised), it is determined solely by the Demand and Supply of Singapore Properties! In this two part analysis, we will examine the rise and …
Demand and Supply in Singapore – Property Prices Part I Read More »
Do you know that the three most expensive words in Singapore is ” Yes I Do”? According to a recent Straits Times article, cost of marriage has risen sharply. For a weekday wedding package wedding dinner package for a table of 10 in a 5 star hotel, it would easy cost up to $1,700+, as …
Do you know why despite a huge 1.3 billion population, cybercafes in China struggle to stay afloat? Is China Cybercafe losing money fast? And do you know there are some Economics Principles behind this phenomenon? For those that do not know what is a cybercafe, it is typically a dark commercial unit cramped with many …
