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B2200C Microeconomics Course Work, RP, Singapore: Explain the law of demand. What are the factors of demand?
University Republic Polytechnic (RP)
Subject B2200C: Microeconomics Course Work
Posted on: 6th Jul 2023

B2200C Microeconomics Course Work, RP, Singapore: Explain the law of demand. What are the factors of demand?

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.

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