Econs Checklists 3 & 4
Please prepare your answers to the following checklists. You can do work division among your group members. Your answers should also be type- written, which will make it easier to make changes, while diagrams should be hand-drawn as a form of practice. Please do not just copy from the lecture notes. It will be good if you can attempt these questions without reference to your lecture notes. Each group will compile a set of answers for revision to be submitted by Wed 16/09/09.

Checklist 3 for Dd/Ss/Elasticities
Can you clearly explain…
1. The determination of equilibrium price and output in the Dd/Ss framework? (explain the adjustment process wrt diagram)

2. (a) at least 3 factors that will affect the
(i) demand for a good?
(ii) supply of a good?
[single shift: clearly indicate whether dd/ss will shift left or right]
b) how particular key words/phrases: eg.“ economic boom” and “firms expect profits for private housing market to increase” will affect the equilibrium price and output for private housing? (double shift: explain adj process wrt diagram)
3. government intervention in the
(i) labour market to ensure a minimum wage for workers?
(ii) goods market to ensure basic necessities are not overpriced?
[explain impact on the market wrt diagram]
What are the limitations in each case?
4. At least 3 factors that will fact the (i) PedA (ii) PesA? (wrt diagrams)
5. Significance of the sign and magnitude of (i) PedA, (ii) YedA, (iii) XedAB.
[you should be able to state definitions/formulae of PedA, YedA, XedAB, PesA]
6. How useful are PedA, YedA, XedAB, PesA to a firm in its aim to maximize profits?

Checklist 4 for Market Failure
Can you clearly explain…
Wrt relevant diagrams,
1.(i) how market failure occurs in the following cases wrt to a specific example?
(ii) types of government intervention to correct market failure in each case?
(iii) the limitations of government intervention in each case?
Cases:
(a) negative externalities in production/consumption ?
(b) positive externalities in production/consumption?
(c) demerit goods/ merit goods
(d) public goods
(e) monopoly power
(f) factor immobility
(g) information failure
(h) inequity
2. possible causes for government failure?


There are two ways of meeting difficulties. You alter the difficulties or you alter yourself to meet them.
Phyllis Bottome
10:50 PM



Econs Checklists 1 & 2
Please prepare your answers to the following checklists. You can do work division among your group members. Your answers should also be type- written, which will make it easier to make changes, while diagrams should be hand-drawn as a form of practice. Please do not just copy from the lecture notes. It will be good if you can attempt these questions without reference to your lecture notes. Each group will compile a set of answers for revision after the make –up session.

Checklist 1 for Market Structures
*Relevant diagrams, clearly drawn and labeled, are required.
Can you explain the following clearly…
1. the profit maximization condition wrt (i) a PC firm, (ii) an imperfect competitive firm?
2. the characteristics of (i) PC (ii) MC (iii) Oligopoly (iv) Monopoly market structures, giving a specific example of each market structure.
3. how (i) PC (ii)MC (iii)Oligopoly (iv) Monopoly compete based on their features? (i.e. both price and non-price competition)
4. the types of profits that firms make in the short run and long run? Clearly explain the adjustment process for (i) PC (ii) MC market structures.
5. when a firm in the 4 market structures will decide to shut down in the short run and long run? Assume PC case to explain the shut-down condition.
6. whether a PC market structure or monopoly is more beneficial using the criteria of (i) Consumer Welfare (ii) Efficiency (iii) Equity?
*Can you analyse how MC market structure differs from Oligopoly or Monopoly in terms the above criteria? (i.e.(i) Consumer Welfare (ii) Efficiency (iii) Equity? )





Checklist 2 for Macroeconomics (NI stats, Macro Aims & Policies)
Can you clearly explain …
1. which N.I statistic will serve as the best indicator of a country’s SOL? (Focus on either (i) GDP, real GDP, real GDO per capita, OR (ii) GNP, real GNP, real GNP per capita)
2. will the NI statistic that you have chosen accurately reflect a country’s SOL? What would you recommend?
3. the key marcro- economic aims of the government?
4. the term economic growth? What is the difference between actual growth and potential growth? Relate to both AD/AS and PPC diagrams.
5. the causes and consequences of negative economic growth?
6. how each type of policy will solve the problem of negative economic growth? (i) Monetary Policy (ii) Fiscal Policy, (iii) Supply side Policy
7. the limitations of each type of policy.



People become really quite remarkable when they start thinking that they can do things. When they believe in themselves they have the first secret of success.
-Norman Vincent Peale


05/09/09



Dear Students,
For my make-up tut/consultation with you,
1) For the first hour, we will finish up with any questions that you may have from the Data response question in the AD/AS worksheet. Please also prepare your answers to these questions in the workbook (p.90- Q1, 3; P.91/92-Case Study Practice Qn 1), which we will look through.

2) For the second hour, we will discuss and compile the answers that you have prepared on the Checklist 1 & 2.(We will focus on Market structures and Macro econs for the make-up.)I will give you another 2 checklists later – Market failure, and Dd/Ss/Elas, Please use this opportunity to check with me any concepts that you are still unclear about on the topics that you will be tested on for the Promo Exam.

For tutorials and lectures in Term 4, please prepare these questions from the REVISION PACKAGE:

Tutorials:
1. Case Study Qs 2 - Economic Growth and SOL;
2. Essay Qs 9
3. E-lesson on Ageing Popn – Impt ! Pls do this by 11/09/09 (Fri), 12 noon.
Lectures (in order):
1.Case Study Qs 1
2. Essay Qs 7
3. Essay Qs 8
4. Essay Qs 1
5. Essay Qs 6
Most of you have been working harder since the MYE. Do keep up your efforts…don’t despair of give up if your effort doesn’t seem to be paying off yet! Hang tough…and change things for the better!
Warmest regards,
Ms Lim
05/09/09
P.s. I will let you know once booking for venue has been approved by the school.


Grp 1
Jie Choong*
Jacalyn
Gui Feng
Tong Yang
Zhi Cong
Shu Liang

Grp 2
*Lin Pon
Nicole Lim
Cohen
Faris
Yi Ying
Ernest
Azmi

Grp 3
*Nicole Wong
Joshua
Zhen wei
An
Azmeer
Yin Mei



*Group leader – pls co-ordinate.
Note that I have made slight changes to your groupings.
9:16 AM