iscuss how the Singapore government might use the concepts of elasticity of demand and supply to promote economic growth in Singapore. xplain the concepts of price elasticity of demand and income elasticity of demand, indicating why elasticities are different for different products. iscuss how the Singapore government might use the concepts of price elasticity of demand and income elasticity of demand to achieve its economic objectives.
1 ) lways use a ruler. 2) o not draw diagrams which are too small. Use at least a quarter of your foolscap paper. 3) abel your axes as accurately as possible.
Explain how firms set their price and output in response to the actions of their rival firms. Contrast the features of perfect competition with those of monopoly. Discuss the view that there should be more regulation of monopolies in an economy. Discuss the view that oligopoly is the most common market structure in Singapore. Discuss the view that more market power leads to the exploitation of consumers.
1)
What might cause an appreciation of Singapore’s exchange rate level?
2)
Explain how macroeconomic problems might result from a depreciation of Singapore’s exchange rate.
The Central Problem of Economics Theory of Demand and Supply Production and Cost market Structure Market Faiure National Income Internatinal Trade Macroeconomics objectives and Policies
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