MIEC Project TA24 [6/6] by https://padlet.com/alinafongyuqi/u43kysy339tq Alina Fong, Jae Chong, Khoy Yu Yin, Calista Khek, Nimalan Sanjayan, Chan Zhan Leong en-us 2017-05-18 14:41:44 UTC 2023-07-26 13:51:05 UTC hello@padlet.com ARTICLE 1- Decrease in demand for cars alinafongyuqi https://padlet.com/alinafongyuqi/u43kysy339tq/wish/177890497 There is a decrease in demand for cars due to the increase in demand for bicycles..

Taste and Preference play a role in decreasing the demand for cars as commuters may decided to take up transporting by bicycles instead of cars as they may prefer to include exercise in their daily routine of commuting from one location to another.

Bicycles are generally cheaper compared to cars. For example, an average bicycle costs $350 compared to a car which costs $110 000 on average. Thus, this makes bicycles much more affordable compared to cars, causing the decrease in demand for cars and an increase in demand for bicycles

In addition, there is a new cycling trend in Singapore due to the rise of goods such as Ofo Bikes and OBike this further on decrease the demand for cars

Determinants:
- Taste and Preference
- Price of Related Goods
- Monetary Income

Link:
http://www.straitstimes.com/lifestyle/travel/bikes-over-cars]]> 2017-07-02 14:53:02 UTC https://padlet.com/alinafongyuqi/u43kysy339tq/wish/177890497 ARTICLE 2 - Increase in demand for cars 30thgeminibaby https://padlet.com/alinafongyuqi/u43kysy339tq/wish/177890643 There is an increase in demand for cars due to the decrease in COE prices which in turn leads to the decrease in prices of cars.

Due to the falling prices of CEO prices, consumers may expect prices of cars to increase in the future thus there may be an increase in demand for cars at this particular time period, leading to an increase in demand for cars.


Determinants:
- Price of Related Goods
- Factor/Resource Price
- Expectations of Consumers

Link: http://www.straitstimes.com/tags/coe]]> 2017-07-02 14:56:49 UTC https://padlet.com/alinafongyuqi/u43kysy339tq/wish/177890643 ARTICLE 3 - Electric cars vs Conventional cars 30thgeminibaby https://padlet.com/alinafongyuqi/u43kysy339tq/wish/177890790 Demand for conventional cars may decrease while demand for electric cars will increase. This is due to the fact that prices of electric cars will drop to the same price level as price of conventional cars.

Taste and preference causes the demand of conventional cars to decrease as they may be some consumers who are avid about saving the environment thus they would prefer to use electric cars which does not make use of solid fuel thus being more environmentally friendly compared to conventional cars 

Determinants:
- Taste and Preferences
- Price of Related Goods

Link:
http://www.telegraph.co.uk/business/2017/05/19/electric-vehicles-cost-conventional-cars-2018/]]> 2017-07-02 15:01:43 UTC https://padlet.com/alinafongyuqi/u43kysy339tq/wish/177890790 Concepts Applied https://padlet.com/alinafongyuqi/u43kysy339tq/wish/177891138 1. Demand
2. Supply
3. Price Elasticity ]]> 2017-07-02 15:10:16 UTC https://padlet.com/alinafongyuqi/u43kysy339tq/wish/177891138 Article 2 - Increase in demand for cars nimalansanjayan https://padlet.com/alinafongyuqi/u43kysy339tq/wish/178165312 Quoting from the article,"But for COE for bigger cars, he said a sharp drop in premium in the previous round had whipped up buying interest."

This shows that the drop in COE had caused many buyers to grab that opportunity. This causes the demand of big cars to increase causing the demand curve to shift right. The determinant is price of related good. 

]]> 2017-07-06 06:44:06 UTC https://padlet.com/alinafongyuqi/u43kysy339tq/wish/178165312 nimalansanjayan https://padlet.com/alinafongyuqi/u43kysy339tq/wish/178166163 2017-07-06 07:00:17 UTC https://padlet.com/alinafongyuqi/u43kysy339tq/wish/178166163