Economics Tuition for the Chapter of Demand and Supply

In this chapter, students will develop a better understanding of theory of demand and supply, seen in terms of the factors affecting demand and supply and the interaction between consumers and producers. It is also important to take note of the types of goods and services that affect the changes in demand and supply, which affects the market equilibrium.

Chapter 3.1 – Theory of Demand and Supply

Economics Tuition on Demand and Supply: Content of Teaching

I. Theory of Demand
II. Theory of Supply
III. Market Equilibrium
IV. Explain the impact on the market when the increase in demand for coffee is greater than the increase in supply of coffee
V. Explain how an increase in the price of oil will affect the market for corn and rice.

JC Economics Essays for Discussion and Practices

In our tutorials for Economics tuition classes, students will learn how to develop their essay writing structures and write the points clearly. Students will review their answers together with the JC Economics tutor after the class practice is completed.

List of questions
Essay Question 1
The declining price of technology in consumer electronic gadgets is driven by gains in manufacturing efficiency, lower labour costs as manufacturing moved to lower-wage countries, and improvements in product design.

(a) Explain the impact of declining price of technology on the total sales of consumer electronic gadgets. [10]
(b) Assess the likely effects of these trends on consumers and producers. [15]

Essay Question 2
Smartphone usage is predicted to overtake computer usage in the near future. This is due to advances in smartphone technology, greater affluence and, in some cases, addictive behavior.

Assess the impact these would have on the sales volume of different models of smartphones in Singapore. [25]

Essay Question 3
2010 marked a trying time for the airline business. The eruption of the Icelandic volcano caused cancellations of 95,000 flights over Europe. One week later, the BP oil well exploded in the Gulf of Mexico, resulting in the worst oil spill in US history.

Using economic analysis, discuss the likely impact of the above events on the airline industry and related markets. [25]

Essay Question 4
Developments in modern technology and increasing availability of books, magazines, newspapers and other printed publications on the Internet have had major impact on the demand and supply of print media and associated services.

Assess how the markets involved might be affected by these developments. [25]

Economics Tuition Videos

The educational videos on Demand and Supply will improve the students’ understanding of the basic concepts to learn how to apply the knowledge in practice questions.

The Equilibrium Price
How is the equilibrium price set? View this video to understand the working mechanisms that determine the equilibrium price.

Demand and Supply
2010 marked a trying time for the airline business. The eruption of the Icelandic volcano caused cancellations of 95,000 flights over Europe. One week later, the BP oil well exploded in the Gulf of Mexico, resulting in the worst oil spill in US history.

Using economic analysis, discuss the likely impact of the above events on the airline industry and its related markets. [25]

Share with us your concern on the study of Demand and Supply

Read through this article and answer the question below:

Why the orange prices will rise during the Chinese New Year?
As a result of the shrinking supply of oranges due to poor harvest and stronger US dollar, the price of oranges may increase by 10 to 15 per cent.

The citrus fruit, a must-have during the festival, may cost up to 20 per cent more in the Year of the Rooster, due to decreased supply and a stronger American dollar, said local importers.

Furthermore, the Typhoon Megi, which hit Taiwan in September, and a January frost in China have caused a drop in supplies of oranges.

The fruit industry estimated that mandarin orange prices would increase by 10 to 15 per cent in general.

It is also stated by the suppliers that the stronger greenback was another factor that could drive prices up, because transactions for the fruit are done in US dollars.

Most of the time, Singapore suppliers imports mandarin oranges from mainland China, Taiwan, Pakistan, Japan and South Korea. Singapore has imported around 19,000 tonnes of mandarin oranges a year for the past three years.

Mainland China occupies three-fifths of imports over the past three years, according to data from the Agri-Food and Veterinary Authority. The Chinese province of Fujian supplies most of the mandarin oranges sold in Singapore.

Importers believe that fewer mandarin oranges may be sold this coming festive season.

One supplier said, “A worsening economy and the proximity of Chinese New Year to the Gregorian new year could dampen demand.”

Families would have to prepare for the new school year and on other types of expenditures and therefore may not be able to afford to buy oranges, as their buying power is weak.

However, people will still buy oranges even if prices increases. This is due to the belief that oranges bring luck to households.

On average, each carton of 48 oranges cost $22. For most consumers, an increase in price of not more than $10 would still be acceptable.

Adapted from a Straits Times article.


Question: Based on the views of the article, explain why the price of oranges will rise.