Posted on: 6th Jul 2023
B2200C Microeconomics Course Work, RP, Singapore: Explain the law of demand. What are the factors of demand?
| University | Republic Polytechnic (RP) |
Factors affecting demand
- Explain the law of demand. What are the factors of demand? How do they affect demand and the demand curve?
- Apply this understanding to your analysis of petrol in Singapore. Examine possible factors that can affect its demand.
- You should include appropriate research or examples, and make relevant assumptions.
- Use clearly labelled graph(s) to show the explanation.
Factors affecting supply
- Explain the law of supply? What are the factors of supply? How do they affect supply and the supply curve?
- Apply this understanding to your analysis of petrol in Singapore. Examine possible factors that can affect its supply.
- You should include appropriate research or examples, and make relevant assumptions.
- Use clearly labelled graph(s) to show the explanation.
Combined analysis of the impact on the market
- Explain how changes in Demand or Supply affect Equilibrium Quantity or Price.
- Apply this understanding to your analysis of petrol in Singapore.
- You should include appropriate research or examples, and make relevant assumptions.
- Use clearly labelled graph(s) to show the explanation.
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