(LO: Demonstrate understanding of elasticity; complements and substitution ) 1. Singapore imports most of its vegetables from Malaysia. How the supply curve for vegetables will change if there is a severe weather in Malaysia? (5 marks) 2. What are the likely effects on demand and supply and equilibrium quantity prices of printed newspapers if there is: o Shortage of papers o Free electronic news (8 marks) 3. Define price elasticity of demand. If 46,000 units of a good can be sold at a price of $22, but 54,000 units can be sold at a price of $18, is the demand for the good elasticor inelastic? What is the elasticity coefficient? (7 marks) (Total: 20 marks)