B2200C: Explain the law of demand. What are the factors of demand? How do they affect demand and the demand curve?: Microeconomics Coursework, MU, Singapore

Introduction

Demand and supply

[Refer to lecture notes of Lesson 4 on Demand and Supply]

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 the Electric Vehicles market in SG. Examine possible factors that can affect its demand.

You may 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 the Electric Vehicles market in SG. Examine possible factors that can affect its supply.

You may include appropriate research or examples; and make relevant assumptions.

Use clearly labelled graph(s) to show the explanation.

Combined analysis of impact on market

Explain how changes in Demand or Supply affect Equilibrium Quantity or Price.

Apply this understanding to your analysis of the Electric Vehicles market in SG.

You may include appropriate research or examples; and make relevant assumptions.

Use clearly labelled graph(s) to show the explanation.

Price elasticities of demand and supply

[Refer to lecture notes of Lesson 6 on Price elasticities of demand and supply]

Price elasticity of demand and affecting factors

Explain Price Elasticity of Demand (PED) and the various levels of elasticities. What are the factors affecting PED?

Apply this understanding to your analysis of the Electric Vehicles market in SG. Examine possible factors that can affect its PED.

You may include appropriate research or examples; make relevant assumptions; and use hypothetical numbers to apply to your analysis.

Use formulas and clearly labelled graph(s) to show the explanation.

Price elasticity of supply and affecting factors

Explain Price Elasticity of Supply (PES) and the various levels of elasticities. What are the factors affecting PES?

Apply this understanding to your analysis of the Electric Vehicles market in SG. Examine possible factors that can affect its PES.

You may include appropriate research or examples; make relevant assumptions; and use hypothetical numbers to apply to your analysis.

Use formulas and clearly labelled graph(s) to show the explanation.

Income and cross elasticities of demand

[Refer to lecture notes of Lesson 8 on Income and Cross elasticities of demand]

Income elasticity of demand and impact on revenue

 Explain Income Elasticity of Demand (YED) and implications of YED on type of goods. What happens to sales/revenue of these goods when income changes?

Apply this understanding to your analysis of the Electric Vehicles market in SG. Examine the sales/revenue of Electric Vehicles when income changes.

You may include appropriate research or examples; make relevant assumptions; and use hypothetical numbers to apply to your analysis.

Use formulas and clearly labelled graph(s) to show the explanation.

Cross elasticity of demand and impact on revenue

Explain Cross Elasticity of Demand (XED) and implications of XED on the relationship between two goods. What happens to sales/revenue when the price of the other good changes?

Apply this understanding to your analysis of the Electric Vehicles market in SG. Examine the sales/revenue of Electric Vehicles when the price of the other good changes.

You may include appropriate research or examples; make relevant assumptions; and use hypothetical numbers to apply to your analysis.

Use formulas and clearly labelled graph(s) to show the explanation.

Market structure and expected profits

[Refer to lecture notes of Lessons 16, 18 and 20 on market structure]

Market structure and characteristics

Describe the four basic market structures and their characteristics. Explain the relationship between Price, Demand, Average Revenue and Marginal Revenue for each market structure.

Apply this understanding to your analysis of the Electric Vehicles market in SG.

You may include appropriate research or examples; make relevant assumptions; and use hypothetical numbers to apply to your analysis.

Use clearly labelled graph(s) to show the explanation.

Expected profits

Explain the profit maximization output for a firm and the types a profit it can experience. What are the expected profits in the short-run and the long-run?

Apply this understanding to your analysis of the Electric Vehicles market in SG. Include both short-run and long-run in your analysis.

You may include appropriate research or examples; make relevant assumptions; and use hypothetical numbers to apply to your analysis.

Use clearly labelled graph(s) to show the explanation.

Externality and government intervention

[Refer to lecture notes of Lessons 22 on externality and government intervention]

Externality

Explain externality and what are Negative Production Externalities and Positive Consumption Externalities?

Apply this understanding to your analysis of the Electric Vehicles market in SG.

You may include appropriate research or examples; and make relevant assumptions.

Use clearly labelled graph(s) to show the explanation.

Government Intervention

Explain Government Intervention, types of Intervention and internalisation of Externality.

Apply this understanding to your analysis of the Electric Vehicles market in SG.

You may include appropriate research or examples; and make relevant assumptions. Use clearly labeled graph(s) to show the explanation.