Saturday, March 24, 2007

haha first time blogging, didnt know how to log in into the old blog anyways for those who didn't copy down the econs quiz qn,

1a) Using demand and supply analysis, explain the hike in taxi fares in Singapore
1b) Discuss how the knowledge of elasticity of demand concepts might be of practical use to taxi operators in increasing profits

2a) Distinguish between price elasticity of demand and income elasticity of demand
2b) Rice farmers face the problem of unstable revenue. To what extent do the above elasticity concept explain the situation faced by farmers?

Mr. Ang

LOVE 07A11;
10:49 AM