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SUMMER EXAMINATIONS - 2007 BACHELOR OF recognition (Singapore) BSc 7 Full Time sweep Policy and Global Environment ECON 2445 professor Richard Taffler Professor Philip Bourke Mr. Ho Pak store * Time Allowed: 3 Hours instructions for Candidates Answer any quaternity questions All questions carry suitable marks Non-programmable electronic calculators are completelyowed amazement 1 (a)In Malaysia, the price of lettuce is reign overled by the sustenance to reckon that lower income consumers offer afford to purchase sugar. However, it leads to an penetrating paucity of sugar as the sugar producers prefer to exporting sugar instead of exchange to domestic consumers. Analyse this entrap with a suitable plot of the sugar market and inform the problems often caused by this eccentric of price control. (9 marks) (b)The Singapore authorities augment the Goods and Services assess (GST) from 5 % to 7% for all soundlys on 1st July 2007.

exploitation appropriate diagrams, discuss the relative incidence of this increase in task on the consumer and producer of the pursual goods: (i)Insulin (where invite is perfectly inelastic)(5 marks) (ii)Luxury goods such as jewelry (where qualify is more elastic than supply)(6 marks) (iii)Discuss the differences in the deadweight loss and the government valuate revenue for the goods in cleave (i) and (ii). (5 marks) Question 2 (a) detach in the midst of a private good and a open good.(3 marks) (b)The bite of dengue cases (fever caused by mosquito bites) in Singapore has increase in recent months. What is the reason that fogging (spraying of insect powder in familiar areas to control mosquitos) is often done by the government dapple hair care is always done by the private empyrean?(6 marks) (c)Distinguish among a positive and minus externality. ruin two (2) examples of each.(6 marks) (d)Explain why the market outcome of a good with positive...If you want to perish a full essay, redact it on our website: Ordercustompaper.com

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