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5 Pages • Essays / Projects • Year Uploaded: 2021
Healthcare inflation in Singapore rose 10% in 2018, 10 times more than the Singapore economy’s estimated 2018 inflation rate of 1%, according to Mercer Marsh Benefits 2019 Medical Trends Around the World report. The study noted that Singapore’s healthcare inflation is partially driven up by supplier-led factors such as high-cost medical equipment as well as demand factors such as its ageing population. (a) Explain the demand and supply factors that could have caused the rapid increase in prices of healthcare services in Singapore. [10] Global economic recovery is good news to the watch market. Luxury watches remain as status symbols and more young people are showing interest in these watches. Mass market watches face stiff competition from increasingly cheaper smartwatches. Luxury watches producers have incorporated technology into their watch production process, while producers of the mass market watches exhibit limited innovation. Discuss the impact these events are likely to have on the consumer expenditure of luxury watches and mass market watches. [25] Most brands of cars are available in different models. A large rise in the cost of car manufacture and a rise in incomes are likely to affect the sales of various models of cars in different ways. (a) Explain how elasticities of demand can assist in understanding the effect of each of these changes on the sales volume of different models of car. [10]
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