Question 1 (a) The price for some intra-Asia container shipping services, such as the container shipping fee for China-to-Singapore freight, raised up to five-year high in mid- November 2020. Some Singapore consumers believed that annual major promotion of leading ecommerce sites in China and Singapore, especially the double-11 shopping festival, caused the rapid increase of China-to-Singapore container shipping cost. However, others speculated that there might be some supply-side changes causing the spike in sea shipping rate. Search and collect information regarding changes in the Asian container shipping market from at least two news articles. Apply the supply-and-demand theory to analyse the change of short-run market equilibrium. Based on your findings evaluate the gain or loss of consumer surplus, producer surplus and total surplus. You must use appropriate market diagrams to illustrate and interpret your findings. (Note: You must cite your use of news articles and other sources via appropriate referencing. Your diagrams can either be hand-drawn and then scanned and inserted as a 'picture' into your MS-Word document or be drawn by using appropriate computer/web software like Google Drawings.) (25 marks) (Suggested word count for Q1(a): 500-600 words)