優秀學生學習心得 - 經濟科 ︳互教．互學

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優秀學生學習心得

科目：經濟科 

題目： Identify the opportunity cost 

分享者：聖公會林護紀念中學同學 LAU CHEE KEE CHARLIE、KWONG MAN YIN 、TANG SUI LAU 、YEUNG YAN YIU 

The below shows a timetable for how we will spend the upcoming weekend. We have Listed and prioritized our options. We will identify the opportunity cost of our choice and illustrate how it will change.

1st priority	Hiking
2nd priority	Doing homework

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Opportunity cost is the highest-valued option forgone. The cost will change only if there is a change in the highest-valued alternative forgone or its value.

The opportunity cost of hiking is the value of doing homework.

There is a rainstorm in the morning. The weather isn’t suitable for us to go hiking—the value of the first option hiking drops. However, the opportunity cost would not change as the rain only affects the value of the chosen option.

On the other hand,  our friends told us that there is very little homework to hand in tomorrow. Therefore, the cost of hiking will decrease. The value of the chosen option remains unchanged.

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科目：經濟科 

題目： Elasticities of demand 

分享者：聖公會林護紀念中學同學HO YUI SIU、HONG YUK WAI 、TSE HONG WA 、YUEN KIN NING 

Introduction

Elasticities of demand refer to the responsiveness of quantity demanded of a good to a change in its price. If the good is less elastic, consumers are not price-sensitive, although the good has a significant difference in the price. In general, these goods usually are necessarily like water. Besides, if a good is more elastic, people become very price-sensitive. In general, these goods are usually some long-durable goods like air-conditioners. After knowing what elasticity is, we can start introducing different commodities.

Elastic demand

For the commodity which has elastic demand, we would make use of potato chips as an illustration. Chips are an unnecessary good for our daily life. Although it is a type of food, it just can let people satisfy their short-term happiness; it even can hurt people's health. Also, it has many substitutes to replace it, like dried fruit, chocolate, and candies. The price of the chips is usually lower than other snacks, so many people will still choose chips for their main snacks, but if the price of chips increases, it will become more expensive than different types of snacks. Will people still choose chips for the main snacks? We think no as we would shifts to other alternatives mentioned. Therefore, it shows that chips have elastic demand. 

Inelastic demand

For the commodity which has inelastic demand, we would make use of electricity as an illustration. Firstly, we talk about the availability of close substitution. There is no immediate substitution for electricity in today's society. We are using light bulbs instead of kerosene lamps. Can we use candles? Sure, but very inconvenient. Since there are very few close substitutes for electricity, the electricity demand is inelastic.

Apart from it, the degree of necessity for electricity is very high. We can't use light or watch TV or even use phones without electricity. We can say electricity is a must in our life. So even though the electricity company increases the price of electricity, people may still buy or be told to use the same amount of electricity since electricity is a necessary part of our lives. 

On top of that, the consumption habits of electricity. People have a high reliance on electricity. Try to Think about that when you go back home, and while taking a shower, the electricity suddenly runs off. You may scream. And also, think about having dinner in a dark room; you may not help to cry. We have been using electricity for a long time since we were born. In other words, we cannot change our electricity consumption habits in a short period. These factors lead to the demand for electricity being inelastic.  

Conclusion

To conclude, it is common to see different goods have different elasticities. It mainly depends on the consumer's habit of goods, availability of the good and its substitutes, degree of necessity.

科目：經濟科 

題目： Fisher equation 

分享者：聖公會林護紀念中學同學 POON TSZ CHUNG 

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文章： Fisher equation 

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