• Economics Notes Chapter 5: Income Elasticity of Demand (YED)

    Economics Notes Chapter 5: Income Elasticity of Demand (YED) Part 5.4 – Examination Techniques, Case Study Applications, Model Essays and Evaluation By Dr. Anthony Fok Introduction By now, you should understand: However, knowing the theory alone is not enough to score an A in the Singapore-Cambridge A-Level Economics examination. Many students lose marks because they:…

  • Economics Notes Chapter 6: Cross Elasticity of Demand (XED)

    Chapter 6: Cross Elasticity of Demand (XED) Part 6.1 – Understanding Cross Elasticity of Demand By Dr. Anthony Fok Introduction Imagine Coca-Cola increases the price of Coke by 15%. Will more consumers buy Pepsi? Suppose Apple raises the price of the iPhone. Will consumers switch to Samsung smartphones? Now consider another situation. If the price…

  • Economics Notes Chapter 5: Income Elasticity of Demand (YED)

    Chapter 5: Income Elasticity of Demand (YED) Part 5.2 – Determinants of Income Elasticity of Demand, Business Applications and Singapore Examples By Dr. Anthony Fok Introduction In Part 5.1, we learnt that Income Elasticity of Demand (YED) measures how responsive demand is to changes in consumer income. However, not all goods respond in the same…