Theory of Demand and Supply
Understand how price and output are set
The most fundamental of economic concepts, demand and supply explains the derivation of price in a market. Prices of goods and services are representations of supply and demand. These concepts serve as the backbone of any market economy. Students are expected to have a firm understanding of these concepts as they will be required to build upon such understanding to relate to more difficult concepts at a later time.
Economics Tuition Case Study Question: Durian frenzy spreads to China
In the recent months, the price of durian in Singapore has increased. Generally, the durians are imported from Malaysian farmers. However, there has been a growing trend of Malaysian suppliers exporting durians to China. Hail the king of all fruits Mao Shan Wang (also...
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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...
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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...
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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...
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