Government Regulation
How can governments regulate price and output?
Governments play an integral role in the free market economy. It’s purpose lies in the regulation of price and output through implementing laws and regulations in order to prevent market failure, protect the environment and ensure that an economy is sustainable. Examiners like to test students on how well they understand the roles and responsibilities a government has in the economy as well as on their ability to suggest and improve upon current regulations to better handle economic ills.
Economics Tuition: Using economic analysis, discuss the likely impact of the above events on the airline industry and its related markets
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...
read more
Economics Tuition: Compare the features of monopoly and perfect competitive firms
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...
read more
Economics Tuition: Using economic theory, explain how firms in imperfect markets determine price that would maximize profits
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...
read more
Economics Tuition: Distinguish, with examples, between the fixed and variable cost involved in the supermarket industry
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...
read more
Should I Go to JC or Poly?
If you are facing this dilemma whether you should further your study in junior college or polytechnics after receiving your O level result, I would like to congratulate you and your parents for the academic achievement you have attained at this stage of your academic...
read more
Economics Tuition: Explain whether the demand for tour package is price-elastic or price-inelastic
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...
read more
Economics Tuition: Discuss the different supply and demand factors and their likely importance in determining the reported changes in the prices of private residential properties in Singapore
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...
read more
Economics Tuition: Explain the impact of recession and the rise in price of oil on the aviation industry and its related market
Introduction Impact on the aviation industry in terms of input on market equilibrium – how price and output will change – affected by changes in demand and supply due to the above events Main Body 1. Explain how the above events affect the demand and supply in the...
read more
Economics Tuition: Discuss how Price Elasticity of Demand (PED) and Price Elasticity of Supply (PES) can be used by the Sakae Sushi manager to maximise profit
Introduction Definition of PED and PED and state the market information of the PED and PES will help producers in deriving the effective price and production strategy to raise and minimise cost of production so as to raise the profit. Main Body 1. Explain how the...
read more
Economics Tuition: Is taxation a good measure to curb smoking in Singapore?
Smoking is considered a demerit good as it incurs negative externality which is the third party effect imposed on non-smokers or the society and this is seen in terms of the negative effects of passive smoking which will undermine the society from developing a healthy...
read more