This video goes through concepts relevant to taxes, subsidies and price ceiling. Specifically, workings of each form of government intervention is explained in detail with analysis done on various stakeholders.
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Online teaching can also be interactive and engaging as what our Dean’s List top Economics star tutor Ms Foo has demonstrated via this short video. This helps to enhance her students’ learning and makes teaching more effective.
Ms Foo’s teaching style does not vary offline and online - this is how she usually engage her students so that lesson can be interesting and helpful in remembering the key concepts to apply when answering questions.
It is important to master the techniques of question analysis, structuring answers and develop accuracy in points generation. Ms Foo provides a step-by-step approach to guiding her students which helps them eventually become independent in generating the points with much accuracy and speed.
Would you like to give our online lessons a try first before we switch back to physical lessons offline only when the island-wide suspension of centre-based tuition is lifted?
Do contact us at 9723 5149 to find out more.
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EconsLab conducted our first online Economics group tuition today following the new ruling where all centre-based tuition is suspended island-wide due to Covid-19.
From our students’ response during the session, our online lessons are equally effective as our usual tuition held physically in terms of content delivery and mastery. With each online session capped at maximum of 8 students, it allows for ample opportunity for students to learn effectively and post any questions when in doubt.
Do try out our online tuition. Hope to see you online soon! Contact us at 9723 5149 to find out more.
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At EconsLab, we offer various tuition options ranging from Group, Small Group, Individual to Online tuition.
Hear what some of our students say about having Economics tuition at EconsLab.
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This video goes through a step-by-step analysis of how the equilibrium output and price is determined under the Monopoly and Perfect Competition.
The performance of these two market structures are also explored in terms of their ability to achieve allocative efficiency and productive efficiency.
Note:
Allocative efficiency refers to an efficient allocation of resources where societal welfare is maximized. The condition for this to occur is where Price = Marginal Cost (P=MC).
Productive efficiency refers to the production of good using the least-cost combination of input. The condition for this to be fulfilled is at minimum Long Run Average Cost curve (min LRAC).
Do subscribe to our Youtube channel to get updates on our Quick Tips from time to time. Economics lessons are available online and offline.
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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.
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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.
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