Demand, Supply and Elasticities

Economics
Topic: Demand, Supply and Elasticities

  1. Discuss how the Singapore government might use the concepts of elasticity of demand and supply to promote economic growth in Singapore.
  2. Explain the concepts of price elasticity of demand and income elasticity of demand, indicating why elasticities are different for different products.
  3. Discuss how the Singapore government might use the concepts of price elasticity of demand and income elasticity of demand to achieve its economic objectives.
  4. Distinguish between price, cross and income elasticities of demand.
  5. Explain why the price of oil would increase.
  6. To what extent might the recent price changes in the airline industry be explained using demand elasticity concepts?