Economics
Topic: Demand, Supply and Elasticities
- Discuss how the Singapore government might use the concepts of elasticity of demand and supply to promote economic growth in Singapore.
- Explain the concepts of price elasticity of demand and income elasticity of demand, indicating why elasticities are different for different products.
- Discuss how the Singapore government might use the concepts of price elasticity of demand and income elasticity of demand to achieve its economic objectives.
- Distinguish between price, cross and income elasticities of demand.
- Explain why the price of oil would increase.
- To what extent might the recent price changes in the airline industry be explained using demand elasticity concepts?