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1. Mike, who just completed STPM, was chatting with Tim over a cup of coffee. Mike told Tim he had 3 options about his future. He could take a gap year, work fulltime or attend university. In the end, he decided to go to university. Define and explain the opportunity cost of Mike’s decision to go to university.
2. Describe an occasion where the concept of opportunity cost applied to you.
3. Your friend read in the papers that both the sales of hockey sticks and street crimes are on the rise. He suggested the government should restrict the sales of hockey sticks only to members of sports clubs as a way to reduce street crimes. Is your friend correct? Explain using the concept of correlation and causation.
Ceteris paribus, explain with the use of demand and supply diagrams the effect of the following events on the market for electric cars in Malaysia.
- The price of electric cars become less expensive.
- A removal of tax on petrol powered cars results in a large fall in the price of petrol-powered cars.
- As a result of supply chain problems, the cost of producing electric cars increases substantially.
Assume, due to the recent outbreak of bird flu in Cambodia, health officials engaged in the mass slaughter of chickens to control the spread, whilst at the same time, released advertising campaigns warning consumers against purchasing live chickens.
Use demand and supply analysis to graphically represent and explain the impact on price and quantity in the market for live chickens in Cambodia. (HINT: there is more than one outcome to the changes in price and quantity).
A. Ceteris paribus, assume the police have reduced the amount of heroin in the market with the arrest of major heroin dealers, resulting in an increase in the price of heroin in the market. Use demand and supply diagram(s) and the concept of price elasticity of demand, explain the impact on price, quantity, and total revenue in the market for heroin if:
- The demand curve for heroin is elastic.
- The demand curve for heroin is inelastic.
B. If you owned a bubble tea business, how would you apply your understanding of price elasticity of demand in setting price to maximise your revenue.
Immunisation is beneficial in the control of communicable diseases such as chicken pox, polio, measles, and coronavirus. Name the type of market failure related to this issue. Explain one (1) measure the Malaysian government can implement to increase the demand for immunisation. Use demand and supply diagram(s) to explain the impact of such a measure on the equilibrium price and quantity of immunisation.