by Simon Ng | Jul 3, 2015 | Economics Tuition, Elasticity of Demand and Supply, JC Economics Essays, Microeconomics, Theory of Demand and Supply |
2010 marked a trying time for the airline business. The eruption of the Icelandic volcano caused cancellations of 95,000 flights over Europe. One week later, the BP oil well exploded in the Gulf of Mexico, resulting in the worst oil spill in US history. Using economic...
by Simon Ng | Apr 23, 2015 | Economics Tuition, JC Economics Essays, Market Structures, Microeconomics |
Compare the features of monopoly and perfect competitive firms. Introduction State that the perfect competition differs from the monopoly as there are perfect market information and mobility of resource in the perfect market competition while there are imperfect...
by Simon Ng | Apr 23, 2015 | Economics Tuition, JC Economics Essays, Market Structures, Microeconomics |
Using Economic theory, Explain how firms in imperfect markets determine price that would maximize profits. Introduction Imperfect market structures are market structures that have imperfect market information and immobility of factors of production. The firms under...
by Simon Ng | Apr 23, 2015 | Cost of Production, Economics Tuition, JC Economics Essays, Microeconomics |
Fixed costs are costs incurred by the firm on fixed factors of production that do not vary with any change in the level of output such as the expenditures on the insurance premium, cost of equipment and renovation cost. As for variable costs, the firm incurred this...
by Simon Ng | Jun 29, 2014 | Economics Tuition, Elasticity of Demand and Supply, JC Economics Essays, Microeconomics |
Introduction Definition of price-elasticity of demand Meaning of price-elastic or price-inelastic demand for tour packages Examine the determinants of PED to assess whether demand for tour packages are price-elastic or price-inelastic Main Body 1) Identify the...
by Simon Ng | Jun 29, 2014 | Economics Tuition, JC Economics Essays, Microeconomics, Theory of Demand and Supply |
The Urban Redevelopment Authority (URA) announced that prices of private residential properties in Singapore rose by 1.3% in the third quarter of 2011, but the rise in the prices has been slowing for eight consecutive quarters. At the same time, it reported that the...
