Quick Tip on Effects of Tariff on Imports (Macro - International Trade)
Quick Tips on Consumer and Producer Surplus (Micro)
This video gives you a step-by-step analysis of the effects of tariff imposed on imports.
To understand the diagram in this video, it is advisable to have a quick recap on Consumer and Producer Surplus which is also available in another recorded video.
Focus is to analyze how the loss of Consumer Surplus is redistributed to various sectors of the economy such as Producers (in the form of increase in Producer Surplus) and the Government (in the form of tax revenue). The deadweight loss from the imposition of tariff is also derived.
Tips: Is it necessary to draw the tariff diagram just to show the fall in imports? No, the diagram is required only if it is meant to show the impact it has on the economy such as the deadweight loss or effect on consumers or producers.
Economics Crash Course?
Here’s an explanation of how consumer and producer surplus is derived.
Note: Consumer Surplus is the difference between what consumers are willing and able to pay AND what they actually pay. Producer Surplus is the difference between what producers received AND what they they are willing to supply.
Excellent improvement in JC Economics - you could be next !
When there is demand, there will be supply.
Our principal tutor Ms Foo will be happy to organise Economics crash course if there are students demanding them. EconsLab had organized such courses in the past and the programme was quite well received. Specifically, our Topical Enhancement Programme covers all chapters for required for the Economics syllabus.
Keen to sign up? Drop us a message to find out more.
Reward for doing well in MYE - quick turnaround in Economics grade
Well done to one of our students who scored an A Grade for Economics in his Midyear Exams ! From S grade to A since he joined EconsLab in January 2019. Impressive ! Congrats once again for the good job and just some vouchers for the good work.
Fear of doing badly for your upcoming Economics Prelim Exams ? Running out of time ? Join our group tuition and you could very well be the next to Excel in JC Economics !
How did you fare for MYE 2019?
EconsLab is happy to give out Popular vouchers to reward students who did well in their JC Economics Midyear Exams (MYE).
Quick turnaround from U grade to D or even C for our students. That’s at least three grades improvement after joining EconsLab’s tuition classes. Not to mention some students with extraordinary results by clinching an A grade in their MYE. Well done students! Their perseverance is admirable.
Due to the quick turnaround in Economics grade experienced by our accomplished graduates, our principal tutor Ms Foo won many referrals to help students who are weak in JC or IB Economics. Ms Foo strongly believes in miracles which is possible with hard work and techniques mastery necessary to ace Economics.
Join our tuition classes today and receive a complimentary analysis of your exam scripts. We look forward to hearing from you.
Principal tutor Ms Foo is an inspiration to her students
JC Economics MYE results are out yet you found that you did not pass nor do quite well for the subject.
Despite having gone through the solutions in school, you still do not understand what went wrong with your answers. You just could not figure out what went wrong and why you have not been able to really apply the Economics concepts to the questions effectively.
Register for our group tuition class and receive a complimentary analysis of your Economics exam scripts to identify exactly what needs to be done to see the leap in your grade for the next big exam which is Prelims.
Release of GCE A Levels Results 2019
Our Principal Tutor, Ms Foo, was placed on the Dean’s List for the Masters of Applied Economics programme at Singapore Management University (SMU). Ms Foo is honoured to appear in the marketing materials of SMU and believes prospective students would greatly benefit from the programme just like she did. Ms Foo continues to inspire and motivate her students to do well academically as she herself sets as a good example.
Edwin Chan (Meridian Junior College)
It’s another terrific year for EconsLab as our students achieved 100% passes for Economics! Well done and efforts definitely paid off! Here are some Whatsapp messages from students.
Out of the 100% passes, 60% scored As & Bs, 23% scored C and the minority of 17% scored Ds & Es. The breakdown for As and Bs is quite balanced at 50% in each category. In view that 90% of students scored either a U or S grade in their Midyear or Preliminary Exam prior to joining EconsLab for Economics tuition, the results is definitely remarkable! Vast improvement seen especially in some students.
Well done to all students once again and wishing you the very best in your next journey!
Clara Lim (Serangoon Junior College)
Lessons were engaging and effective with very helpful notes and exercises provided to learn from. Flexible teaching methods accommodated for my needs, and allowed for me to get the clarification and practice for improvement that I needed. Overall, experience was pleasant and genuinely helped to boost my understanding of the subject, eventually pulling up my grades in school. Ms Foo is also a very thorough teacher capable of covering topics with the required depth and breadth, with a passion to push her students. I am thankful for what she has done for us.
Kimberly Ng (Temasek Junior College)
Hi Ms Foo, your lessons are actually very enjoyable and fun! The case studies you provided were really interesting and it actually helped me widen my knowledge too. I’m really glad to have attended your classes and they were really of help. I also liked that I could text you or just ask you any questions at the end of the lesson to clarify all my doubts because you are very approachable although I was shy at first. Your lessons and markings of my work really helped me to understand better how to write my answers in a more Economics way. Thank you for your help! :)
Edwin Ng (Private Candidate)
Ms Foo is a one-of-a-kind Economics tuition teacher. I am very glad to have Ms Foo as my Economics teacher since JC1 as she has not only taught me well by ensuring that I know my Economics facts well but also by exposing me to different types of questions that can be tested. She is also very encouraging and would never fail to extend help whenever my friends or I meet with a difficulty and will spend time explaining to us the concepts until we understood. Ms Foo has a unique teaching method and strategy; her method made it easier for me to comprehend and disect Economics questions so as to ensure that our answers meet the question requirements. All in all, Ms Foo is truly an awesome Economics teacher! :)
Seet Xiu Li (Temasek Junior College)
Back in 2017, I joined EconsLab after reading an online advertisement of this tuition centre. Uncertain about my second attempt at GCE A Levels, I joined the class worried. Fortunately, my experience being tutored by Ms Foo proved to be very enriching. She understood my approach towards Economics. From there, she is able to provide clear explanations for all of the conceptual mistakes I have made. Her nurturing approach towards teaching has made learning Economics an enjoyable process. I would gladly recommend Ms Foo to any student who is struggling in Economics.
Kok Jen Yee (Innova Junior College)
I found Ms Foo’s Economics tuition when I saw testimonials from her website. Indeed, true to her testimonials, she is really a good teacher. Ms Foo is a very caring teacher and takes care of the welfare of her students. She has snacks and drinks for students to consume during classes. When Ms Foo is teaching, she uses real life examples to explain the theories. When I have questions, I can always feel free to ask her in class. She will explain more slowly and in detail till I understand. Her classes are always fun unlike the boring tuition class where only the teacher does the talking. I had a great time learning at EconsLab. :)
New classes available for 2019
Thank you Ms Foo for teaching me Economics. After attending your lessons, I understood Economics a lot better. Your lessons are very interesting and you are always so eager to impart the knowledge to us. You can generate alot of ideas for each question. I really enjoyed your lessons and thank you for helping me to improve my Economics grade!
Have your Economics exam scripts reviewed to identify your strength and weaknesses
More JC1 Promotional Exam Scripts Review
Review of JC Economics Prelims Exam Scripts
Review of JC Economics Promo Exam Scripts
Encouragement to student for excellent results
Reviewing scripts for students is no easy task. But the satisfaction came from identifying their weaknesses and seeing students improve with a vast jump in their grades.
JC Economics class practices and adhoc marking of students' assignments
Sweet treats for student who produced excellent results for JC1 Mid Year Exams and Common Test.
Detailed analysis of students’ work to help identify weaknesses and strength.