B2200C: Explain the law of demand and What are the factors of demand and How do they affect demand and the demand curve: Microeconomics Course Work, RP, Singapore

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.