Microeconomic Analysis in Demand and supply market equilibrium from price and non-price determinants, Singapore

Assignment Details:

1. You are to select a web article/newspaper/magazine for your microeconomic analysis. a. You must be able to relate your main article to at least two of the topics (L1 to L5, i.e. chapters 1 – 5) covered in the lecture program (see point 2 below). b. The main news article must have been written on or after 1st April 2019. Please double-check the date/month/year of the main news article. The assignment will not be marked if the date of the article is before the time specified. c. The main news article can be from any nation in the known world/universe, so long as it’s in English. d. You should back up some of your key points or use for data purposes by having several relevant supplementary articles—from other relevant topic-related news sources. Such supplementary news articles are permitted to be dated before (or after) 1st April 2019. You should cite your use of other sources via appropriate in-text referencing. e. Your microeconomics diagrams can either be hand-drawn and then scanned and inserted as a ‘picture’ into your working document, or be drawn by using appropriate computer/web software. 2. More specifically, here is the list of lecture topics that you can choose from for your article analysis (relevant microeconomics concepts are in brackets): 1. production possibility frontier from

L1 (opportunity cost, scarcity, trade-offs); 2. demand and supply market equilibrium from

L2 (price and non-price determinants, simultaneous shifts in demand and/or supply); 3. elasticity measurement and determinants from

L3 (price elasticity of demand and its relationship with total revenue, price elasticity of supply); 4. economic efficiency at market equilibrium from

L4 (consumer and producer surplus, rent ceilings, price floors, taxes on goods and services to raise revenue for public purposes and discourage market activity); 5. behavioural economics and asymmetric information from

L5 (rational vs. irrational decision making, types of market failure: externalities; public goods; common resources; adverse selection; moral hazard).