Work to do in the June Holidays

1. Consolidate your learning from the first 2 terms (especially Term 2)

• Tutorial 3 - Price Determination (Review answers given out for Essays Qn 4 and 5a to see how the essay questions are handled - Focus on the "process" of answering an essay qn, i.e. Step 1: Dissect the Question; Step 2: Design the Answer; Step 3: Write the Answer; How to do Application, Analysis and Evaluation; How to write Intro, Body and Conclusions )
  
• Tutorial 4 - Elasticity Essay (Review the "Framework for Answering Elasticity Essay", look at answers given out for Essays 6, 7 and 8 to see how part (a) - Knowledge/Comprehension Qns; and part (b) - Application/Analysis/Evaluation qns are being handled using the framework.
  
• Tutorial 4 - DRQ Qn C and Qn D (Check your answer with given answers)
• Tutorial 5 - Case Study (Prepare for next term)
• Tutorial 5 - Short Questions (Prepare for next term)
  

Topic 3 to Topic 7
Price Determination

• Be familiar with all the non-price determinants of Demand & Supply (Note: Be able to recognise if a given context (e.g. interest rate changes or rise in oil prices) affects the demand side (i.e. consumers) or the supply side (i.e. producers) or both.
• Know how to do a detailed and accurate Analysis for "impact on market (in terms of changes in equilibrium price and quantity)" using a dd-ss diagram
• After dd or ss changes - shortage or surplus occurs?
• Do prices and quantity rise or fall?

Elasticity of Demand & Supply

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