MIEC group by Kimberly Tong https://padlet.com/kimmitjl/zjv6k2azkg39 en-us 2016-06-23 04:36:11 UTC 2016-07-28 15:41:15 UTC hello@padlet.com Outline of the report abelpoonchoklin https://padlet.com/kimmitjl/zjv6k2azkg39/wish/115293435 Article:
Shoppers' paradise lost? Singapore malls suffer as locals, tourists curb spending

Topics discussed:
-Demand
-Supply
-Elasticity
-Market Structure

Format of Report:
Paragraph 1:
Introduction
Paragraph 2:
Demand
Paragraph 3:
Supply
Paragraph 4:
Elasticity
Paragraph 5:
Conclusion

Article link:
http://www.straitstimes.com/business/economy/shoppers-paradise-lost-singapore-malls-suffer-as-locals-tourists-curb-spending]]> 2016-06-23 04:40:05 UTC https://padlet.com/kimmitjl/zjv6k2azkg39/wish/115293435 Kim (Demand) kimmitjl https://padlet.com/kimmitjl/zjv6k2azkg39/wish/115293529 key points from the article:
Number of buyers
China also has built many of its own luxury malls and has even set up duty-free paradises in local tourist hot spots to lift consumption and spur domestic tourism.

This will reduce the number of buyers in Singapore as Chinese tourists who used to visit singapore for their branded goods can now purchase the same goods at almost the same price. Hence, demand in goods will drop.


]]> 2016-06-23 04:41:18 UTC https://padlet.com/kimmitjl/zjv6k2azkg39/wish/115293529 BRANDON HO(Supply) brandonhozijian https://padlet.com/kimmitjl/zjv6k2azkg39/wish/115293601 Determinant of supply:
-Factor/resource price
-Technology
-Price of related goods
-Expectations of producers
-Number of sellers in the market

Key points from the article:
Supply is decreasing as vacancy rates have risen to 7.3 per cent from 5.0 per cent. Thirteen of 16 units on the 5th floor lack tenants. More than two-thirds of a basement shopping centre that has been open for almost two years remains empty.
Determinant of supply is number of sellers in the market.

Wage growth is also expected to slow to 2.5-3 percent in 2016, compared with a 10-year average of 3.6 percent. This means that the wage rate is still increasing, meaning the factor/resource price will increase. When factor/resource price increase, supply decreases. Determinant of supply is factor/resource price.

Brands such as British apparel brand New Look and Celio of France planning to close branches in Singapore this year.
Determinant of supply is Number of sellers in the market.

]]> 2016-06-23 04:42:18 UTC https://padlet.com/kimmitjl/zjv6k2azkg39/wish/115293601 Gigi (Demand) gigigoxq https://padlet.com/kimmitjl/zjv6k2azkg39/wish/115297050 Determinant of demand:
Taste and preferences
Expectations of buyers
Number of buyers
Price of related goods
Money income

Key points from the article:
Wealthy Chinese, hit by an economic slowdown and a corruption crackdown at home, have less appetite for the luxury items they flocked to Singapore to buy during the boom years. There will be a decrease in the number of buyers in Singapore's market. Determinant of demand is number of buyers in the market.






]]> 2016-06-23 06:18:57 UTC https://padlet.com/kimmitjl/zjv6k2azkg39/wish/115297050 Abel (Market Structure) abelpoonchoklin https://padlet.com/kimmitjl/zjv6k2azkg39/wish/116092757 Monopolistic Competition
Scope: Individual stores
Prove that the market structure is monopolistic Competition by discussing the characteristics of a monopolistic competition.

Product differentiation:
Location
Service
Physical difference
Product image

Demand curve:
More price elastic

Short run vs  Long run:
Profits

Efficiency:
Productive & Allocative
Excess capacity


]]> 2016-07-08 01:50:51 UTC https://padlet.com/kimmitjl/zjv6k2azkg39/wish/116092757 Things to note: abelpoonchoklin https://padlet.com/kimmitjl/zjv6k2azkg39/wish/116093339 Draw up the 'demand and supply' curve and the different shifts and or movements to show the new market equilibrium price and quantity. 

Analyses the percentage of change in the article for both supply and demand to determine the magnitude of shift for the new equilibrium quantity.


]]> 2016-07-08 02:06:51 UTC https://padlet.com/kimmitjl/zjv6k2azkg39/wish/116093339 Ryan (Elasticity ryanng98 https://padlet.com/kimmitjl/zjv6k2azkg39/wish/117133474 Determinate of elasticity
-Availability of substitutes
-Proportion of Income Spent
-Time Period under Consideration
-Habit
-Necessity vs Luxury

Key Points for Elasticity:
-Market is price inelastic

From the article:
Wealthy Chinese, hit by an economic slowdown and a corruption crackdown at home, have less appetite for the luxury items they flocked to Singapore to buy during the boom years. (PoIS)

China also has built many of its own luxury malls and has even set up duty-free paradises in local tourist hot spots to lift consumption and spur domestic tourism. (AoS)

And Indonesians, Thais and Malaysians now have cheaper versions of the same products back home. A luxury bag made by Coach can now cost twice as much in Singapore as in these countries. (AoS)
]]> 2016-07-28 12:07:52 UTC https://padlet.com/kimmitjl/zjv6k2azkg39/wish/117133474