Demand, Supply and Elasticity Concepts
- Explain price elasticity of demand, income elasticity of demand and cross-elasticity of demand.
- With reference to the market for housing in Singapore, discuss whether the demand for housing is price elastic or inelastic.
- Explain the possible reasons for the rapid oil price hike.
Taxi fares in Singapore are going up at an additional 50 cents per ride. Account for the fare increase in the taxi market