Economics Resources

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