ECO2101 Microeconomic Assignment, SIM, Singapore: Analyze these events using the appropriate microeconomic concepts. Economic diagram(s)

Analyzing your Product Market

For each article, identify the event(s) or phenomena. Summarise these events in your own words.
Analyse these events using the appropriate microeconomic concepts. Economic diagram(s), where applicable must be drawn to support your analysis. Reproducing or paraphrasing the article does NOT constitute an analysis.

The following are some suggestions for the analysis:

✓ Using the PPF concept to analyze a reduction in the production of crops due to natural disasters like earthquakes or flood (lecture 1 topic; the product can be wheat or coffee or cocoa)

✓ Using market equilibrium analysis to analyze the rise of the price of oil due to a shortage in supply or excess in demand (lecture 3 topic; the product here is oil) or using market equilibrium analysis to analyze the changes in the price of semiconductor chips due to the high demand and reduced supply of semiconductor chips (the product here is a semiconductor).

✓ Using price elasticity of demand to analyze the elasticity of oil as price of oil rises due to essential needs and no close substitutability or shortage in supply and the impact on the consumer expenditure on oil consumption (lecture 4 topic; the product here is oil)

✓ Using utility and demand to analyze on household consumption choices (lecture 5 topic: income, budget constraints, and utility)

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