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Microeconomics Topic 1.2 : Resource Allocation in Competitive Markets Part 3 – Applications

1.1 Definition of Elasticity of Demand

Elasticity of demand is a measure of the responsiveness of quantity demanded to a change in one of its determinants, ceteris paribus. The determinants may be (i) its price or (ii) income or (iii) price of another good.

1.2 Price Elasticity of Demand

The Price Elasticity of Demand measures how much the quantity demanded responds to a change in its price, ceteris paribus. Demand for a good is said to be price elastic (Ed > 1) if the quantity demanded responds more than proportionately to changes in the price. Demand is said to be price inelastic (Ed < 1) if the quantity demanded responds less than proportionate to changes in the price.

The flatter the demand curve that passes through a given point, the greater the price elasticity of demand. The steeper the demand curve that passes through a given point, the smaller the price elasticity of demand.

1.3 Computing the Price Elasticity of Demand

Price Elasticity of Demand, Ed = % Change in Quantity Demanded / % Change in Price

Important Note 1: Ed ≠ Change in Quantity Demanded / Change in Price

Because the quantity demanded of a good is negatively related to its price, the percentage change in quantity will always have the opposite sign as the percentage change in price. For this reason, price elasticities of demand are sometimes reported as negative numbers although common practice is to take the absolute value.

Perfectly Price Inelastic Demand : Ed = 0
Price Inelastic Demand : Ed 1
Perfectly price Elastic Demand : Ed = Infinity

! Stop and Think : Do you how to graph the various price elasticities?

! Stop and Think : How do you interpret a price elasticity of demand coefficient of 1.5?

What about 0.8?

For complete discussion, please contact Mr Ong @9863 9633

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Chapter 12 – Acids and Bases

Q: What is an acid?
A: An acid is a substance which produces hydrogen ions, H+, when it is dissolved in water.

Q: What are the physical properties of acids?
A: 1. Acids have a sour taste.
2. Acids dissolve in water to form solutions which conduct electricity.
3. Acids turn blue litmus paper red.

Q: What are the chemical properties of acids?
A: 1. Acids react with reactive metals to form hydrogen gas and a salt.
metal + acid —–> salt + hydrogen

2. Acids react with carbonates to form a salt, carbon dioxide and water.
carbonate + acid —–> salt + water + carbon dioxide

3. Acids react with metal oxides and hydroxides to form a salt and water only.
metal oxide + acid —–> salt + water

metal hydroxide + acid  salt + water

Q: Do all metals react with acid?
A: No, When unreactive metals such as copper or silver are added to dilute acids, there is no reaction.

Contact Mr Ong @9863 9633 for much key ideas on acids and bases

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Hi A-Level/H2 Math Students

Ji – Practice Exam questions on Functions and new lesson AP and GP

J2 – Practice Exam questions on probability and new lesson Binomial Distribution.

From A level Math Tutors

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A-Level Physics Tuition Singapore/H2 Physics Tuition/JC Physics Tutor

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Current Electricity and Direct Current – Definitions

1. Electric current is the rate of flow of electric charge.

2. Charge is the product of the electric current flowing through a cross section of a circuit and the time of which it flows.

3. One coulomb is the quantity of electric charge that passes through a cross section of a circuit when a steady current of one ampere flows for one second.

4. The potential difference (p.d.) between 2 points in a circuit is defined as the energy converted from electrical to other forms of energy per unit charge passing from one point to the other.

5. One volt is the potential difference between two points in a circuit in which one joule of electrical energy is converted to other forms when one coulomb of charge passes from one point to the other.

6. The electromotive force (e.m.f.) of a source is defined as the energy converted from nonelectrical to electrical per unit charge driven through the source.

7. Resistance of a resistor is defined as the ratio of the potential difference across the resistor to the current flowing through it.
8. One ohm is the electrical resistance of a resistor when a potential difference of one volt across its terminals drives a current of one ampere through it.

For complete summary, please contact Mr Ong @9863 9633

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Atomic structure – FAQ Part 2

Q: What is the meaning of this symbol 8O2–?
A: This represents an oxide ion. The subscript on the left is the atomic number whereas
the superscript on the right indicates the extra electrons the oxygen has acquired. For this 8O2– species, the number of protons (8) is not equal to the number of electrons (10). The number of electrons would be the same as the number of protons for a neutral atom only.

Q: What is the meaning of this symbol O2 2–?
A: This represents a peroxide ion. The subscript on the bottom right indicates that there are 2 oxygen atoms in this species covalently bonded to each other. The superscript on the right indicates the number of extra electrons this species have acquired.

Q: It seems that the relative isotopic mass is a whole number. Is it really so?
A: The word ‘relative’ means that the value obtained is measured with respect to some other thing, hence this number has no physical unit. In this case here, the relative isotopic mass of an isotope is the mass measured with respect to 1/12 of the mass of a 12C atom, which has a value of 1 unit (1/12 × 12). As the mass of an atom arises mainly from the nucleus and since the total number of nucleons in 35Cl is 35, the relative
isotopic mass seems to have a value of 35 too. But in reality, the actual relative isotopic mass is less than the mass of all nucleons added up. This phenomenon is known as mass defect. The differences in the two masses (less than 1%) arise because part of the mass has been converted to binding energy (according to E = mc2) which is necessary to hold the nucleons together.

Q: Why does the energy of an electron increase as we move away from the nucleus?
A: By convention, when an electron is ‘free’, that is, not subjected to any other electrostatic interactive forces (attractive or repulsive), it has an assigned zero energy. This is when the electron is infinitely away from the nucleus. But now if you want to bring an electron from n=1 Principal Quantum Shell to infinity, you got to do work against the attractive force of the nucleus, you got to ‘break’ the ‘bond’ between the
electron and the nucleus. Breaking bond needs energy. The energy that you put in while doing work (energy is conserved from Law of Conservation of Energy) is gained by this electron, hence its energy has increased. When an electron moves from infinity and is attracted by the nucleus, a ‘bond’ is formed, and energy will be released.

Q: Why does the 4s sub-shell have a lower energy than the 3d sub-shell given that n=4 Principal Quantum Shell should have a higher energy than n=3 Principal Quantum Shell ?
A: n=4 should have a higher energy than n=3. But the s sub-shell has a relatively lower energy than the d sub-shell for the same Principal Quantum Shell. These 2 different opposing factors counteract each other, resulting in the 4s sub-shell having a lower energy than the 3d sub-shell. The same explanation account for the relative energies of the 5s and 4d sub-shells.

Q: Does that mean that the 4s sub-shell is now closer to the nucleus than the 3d sub-shell?
A: No. On the average, n=4 Principal Quantum Shell is still further away from the nucleus than n=3. So although the energy of 4s sub-shell is lower than the 3d sub-shell, it does not imply that the distances have changed. Remember a Principal Quantum Shell is actually a band, not a single discrete line.

Q: Why do we need to know the electronic configuration of an element?
A: Knowing the correct electronic configuration would enable us to know which electron is to be removed and which orbital does it reside in. This is important as the removal of different electrons from different orbitals need different amounts of energy.

Q: What is electron spin?
A: You can imagine an electron like the Earth, rotating at a particular axis.

Q: Why can’t two electrons in the same orbital have the same spin?
A: Well, when an electron spins, this spinning charged-particle creates a magnetic field. If two electrons spin in the same direction, the magnetic field created would be repulsive in nature and the energy level of these two electrons would be higher as compare to if they spin in opposite directions to create an attractive magnetic field. An analogy can
be used here: Picture a spinning electron as moving in one particular direction. Two such spinning electrons will be moving in opposite directions and the chances of them ‘meeting’ will be lower. This results in lesser inter-electronic repulsion.

Q: Why do we need to first place electrons in empty orbitals of the same sub-shell before pairing them in an orbital?
A: Well, electrons repel each other. By occupying different orbitals, the electrons remain as far apart as possible from one another, thus minimizing electron-electron repulsion. Take note that each orbital represent a particular region of space, hence two different orbitals would be two different region of space separated from each other. Take for
instance the three p orbitals in a p sub-shell, each is oriented erpendicularly from each other, occupying different regions in space.

Q: Why is the electronic configuration of 25Mn not 1s2 2s2 2p6 3s2 3p6 3d7?
A: The 4s orbital is filled first before the 3d orbitals. This is because the 4s orbital has a lower energy level as compared to the 3d orbitals.

Q: If the 4s is filled before the 3d, why the electronic configuration of 25Mn not 1s22s2p63s23p63d54s23d5?
A: The electronic configuration is always written in the order of increasing Principal Quantum Number. This also indicates the order of increasing energy level of the various sub-shells.

Q: Why is symmetrical distribution of similar charge preferred?
A: If similar charges are distributed symmetrically, this would mean that all charges are spread out evenly and as far apart as possible. Such situation would result in a similar amount of electrostatic repulsion at each point in space. Consequently, such state would have a lower energy as compared to a state of asymmetrical distribution.

Q: Why must the atom be in the gaseous state?
A: When we carry out ionization, the species must be gaseous atoms. In the gaseous state, the atoms have very minimal interaction with each other. Thus the energy input would solely be responsible for removing the electron and not in overcoming other types of bond. So remember that the gaseous state symbol is very important here.

Q: What is a valence electron?
A: Valence refers to the outermost. Thus a valence electron ‘sits’ in the outermost Principal Quantum Shell and is furthest from the nucleus. The Principal Quantum Number for the valence shell corresponds to the Period Number of the element. All other Principal Quantum Shell of electrons before the valence Principal Quantum Shell are known as the inner core electrons.

Q: What is the Effective Nuclear Charge ENC on each of the valence electrons of an oxygen atom?
A: The electronic configuration of an O atom is 1s22s22p4. The nuclear charge consists of 8 protons and the number of inner core electrons is 2 (since there is only one Principal Quantum Shell of electrons before the n=2 valence shell), therefore the ENC is ≈ 6.

Q: Does that mean that each of the 6 valence electrons is attracted by 1/6 of the ENC, which is 1 proton?
A: No. Each of the 6 valence electrons is attracted by 6 protons. This is because the 6 valence electrons are moving round the nucleus within the same distance from the nucleus and the nucleus is considered a point charge. Therefore, the ENC is the same on each of the valence electrons.

Q: Does that mean that the ENC on each the two 1s electrons is equivalent to 8 protons?
A: Yes. There are no other inner core electrons before the n=1 Principal Quantum Shell,therefore there is no shielding effect. The ENC on each of the electron in the n=1 subshell is the same, i.e. equivalent to 8 protons.

Q: The ENC of an O atom is greater than the N atom. So shouldn’t this cause the O atom to have a higher 1st I.E.?
A: Yes, the ENC of O atom is greater than the N atom and this should cause it to have a higher 1st I.E. But experimentally, it has been found that O atom has a lower 1st I.E that what was expected. There must be some other factors that have yet to be considered. The only reason we can use to explain the data collected would be to employ the interelectronic
repulsion factor. As shown here, there is the interplay of two opposing
factors but it seems that the inter-electronic repulsion is a more dominant factor than the ENC effect.

Q: Why is the domineering effect of the inter-electronic repulsion over the ENC factor
being observed in the oxygen versus nitrogen case but not in the beryllium-lithium scenario?
A: Remember we mention before that a p orbital is 1/3 the size an s orbital from the same Principal Quantum Shell? Thus because of this different in size, the inter-electronic repulsion is more prominent in a p orbital than the much bigger s orbital.

Q: The ENC of a B atom is higher than that of a Be atom but there is inter-electronic repulsion faced by the electrons in the 2s sub-shell of Be. Are these two factors less dominant than the ‘difference in energy level’ factor?
A: You are right. Based on the ENC factor, B is expected to have a higher 1st 1.E. than Be. But this not what experimental data makes of it. If we are to consider inter-electronic repulsion factor, Be should have a lower 1st I.E but observed data proves otherwise. Hence, the only factor that could be used to account for the observed experimental data would be because the 2p electron is at a higher energy level than the 2s electron.

Q: Why would attractive force be weaker, the further the electron is from the nucleus?
A: The electrostatic force (F) between the nucleus and electron can be approximated to F ∝ 1/r2, where r is the distance of separation between the charges. Thus, as r increases, the strength of the electrostatic force decreases drastically.

From A Level Chemistry/JC Chemistry Tutors

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Waves – Key Concepts

1. Periodic motion is motion that repeats at regular intervals.

2. One complete periodic motion – from one extreme position to the other extreme position and back – is known as an oscillation or a vibration

3. Waves transfer energy from one point to another without any part of the medium being transferred.

4. There are two types of wave motion: transverse and longitudinal
When the direction of vibrations is perpendicular to the direction in which the wave moves, the wave is a transverse wave. For example: water waves, light waves.

5. When the direction of vibrations is parallel to the direction in which the wave moves, the wave is longitudinal. For example: sound waves, pushing and pulling of a Slinky®

6. Crests and troughs: These are the high points and low points that characterise transverse waves only. For longitudinal waves, the terms compressions and rarefactions are used.

7. Amplitude (A): The amplitude of one oscillation is the amplitude of the wave. It is half the vertical distance between a wave crest and a wave trough. Its SI unit is the metre (m).

8. Wavelength (λ): This is the shortest distance between any two points (such as two successive crests or troughs) on a wave that are in phase. Its SI unit is the metre (m).

9. Period (T): the period of one oscillation is the period of one wave. It is the time taken for a wave crest to move through a distance equal to its wavelength.

10. Frequency (ƒ): This is the number of complete waves produced per second. Its SI unit is the Hertz (Hz). Frequency and period is related by the equation: ƒ=1∕T

11. Wave speed (v): This is the distance travelled by a wave in one second. Its SI unit is metres per second (m s-1). The speed of a wave can be computed by the equation: v = ƒλ

12.Wavefront: A wavefront is an imaginary line on a wave that joins all points which are in the same phase of vibration.

From O Level Physics Tutor

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Waves – Key Concepts

1. Periodic motion is motion that repeats at regular intervals.

2. One complete periodic motion – from one extreme position to the other extreme position and back – is known as an oscillation or a vibration

3. Waves transfer energy from one point to another without any part of the medium being transferred.

4. There are two types of wave motion: transverse and longitudinal
When the direction of vibrations is perpendicular to the direction in which the wave moves, the wave is a transverse wave. For example: water waves, light waves.

5. When the direction of vibrations is parallel to the direction in which the wave moves, the wave is longitudinal. For example: sound waves, pushing and pulling of a Slinky®

6. Crests and troughs: These are the high points and low points that characterise transverse waves only. For longitudinal waves, the terms compressions and rarefactions are used.

7. Amplitude (A): The amplitude of one oscillation is the amplitude of the wave. It is half the vertical distance between a wave crest and a wave trough. Its SI unit is the metre (m).

8. Wavelength (λ): This is the shortest distance between any two points (such as two successive crests or troughs) on a wave that are in phase. Its SI unit is the metre (m).

9. Period (T): the period of one oscillation is the period of one wave. It is the time taken for a wave crest to move through a distance equal to its wavelength.

10. Frequency (ƒ): This is the number of complete waves produced per second. Its SI unit is the Hertz (Hz). Frequency and period is related by the equation: ƒ=1∕T

11. Wave speed (v): This is the distance travelled by a wave in one second. Its SI unit is metres per second (m s-1). The speed of a wave can be computed by the equation: v = ƒλ

12.Wavefront: A wavefront is an imaginary line on a wave that joins all points which are in the same phase of vibration.

From O Level Physics Tutor

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O Level E Maths Tuition Singapore/Tuition O Level E Maths/Tutor

Significant figures

1. All non-zero digits are significant.
2. A zero (zeroes) between non-zero digits is (are) significant
3. In a whole number, zeros after the last non-zero digit may or may not be significant.
4. In a decimal, zeros before the first non-zero digit are NOT significant
5. In a decimal, zeros after the non-zero are significant

Examples
7006 = 7000 (1 sf)
7006 = 7000 (2 sf)
7006 = 7010 (3 sf)
7436 = 7000 (1 sf)
7436 = 7400 (2 sf)
7436 = 7440 (3 sf)

0.00609 = 0.006 (1 sf)
0.00609 = 0.0061 (2 sf)
6.009 = 6.01 (3 sf)

From O-Level Elementary Mathematics Singapore Tutor

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O-Level Additional Mathematics Tuition Singapore

Trigonometric Functions

sin x = opp/hpo
cos x = adj/hpo
tan x = opp/adj

sin(90-x) = cos x
cos(90-x) = sin x
tan(90-x) = 1/tan x

cos(-x) = cos x
sin(-x) = -sin x
tan(-x) = -tan x

O-Level Additional Mathematics Tutor

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A-Level Tuition Singapore/GP Tuition/General Paper Tutor

Theme: The social and economic implications of an ageing population, and
how to deal with them

A. INTRODUCTION: THE AGEING WORLD POPULATION

• The world population is rapidly ageing

Between 2000 and 2050, the proportion of the world’s population over 60 years will double from about 11% to 22%.

• The world will have more people who live to see their 80s or 90s than ever before

The number of people aged 80 years or older, for example, will have almost quadrupled to 395 million between 2000 and 2050…More children will know their grandparents and even their great-grandparents, especially their great-grandmothers.

• The need for long-term care is rising

The number of older people who are no longer able to look after themselves in developing countries is forecast to quadruple by 2050. Many of the very old lose their ability to live independently because of limited mobility, frailty or other physical or mental health problems. Many require some form of long-term care, which can include home nursing, community care and assisted living, residential care and long stays in hospitals.

• Worldwide, there will be a dramatic increase in the number of people with dementias such as Alzheimer’s disease, as people live longer

The risk of dementia rises sharply with age with an estimated 25-30% of people aged 85 or older having some degree of cognitive decline. Older people with dementia in low- and middle-income countries generally do not have access to the affordable long-term care their condition may warrant.

• In emergency situations, older people can be especially vulnerable

When communities are displaced by natural disasters or armed conflict, older people may be unable to flee or travel long distances and may be left behind. Yet, in many situations they can also be a valuable resource for their communities as well as for the humanitarian aid process when they are involved as community leaders

B. THE NEEDS AND RIGHTS OF THE ELDERLY

The following are some of the sub-headings of the European Charter For The Elderly
• Autonomy and self-determination
• Equal treatment
• Active citizenship
• Personal development, social contact and meaningfulness
• Access to information
• Financial security
• Housing and living environment
• Care and service provision geared to a good quality of life

Select (4 or 5) of sub-headings from the European Charter For The Elderly.

(i) Discuss what each right entails. This would definitely involve identifying what the lack of that right would mean for the elderly. (See the article for more details about each right.)

(ii) Consider whether these rights are protected in the case of the elderly in Singapore. Support your arguments with concrete examples.

C. DIGNITY IN THE GOLDEN YEARS

1. There are successful examples of retirement villages overseas such as the Humanitas Foundation which is the largest eldercare facility in the Netherlands.

“In the Netherlands and Britain, many seniors are happy to sell their homes and move into retirement villages – or cared-living facilities as they are called these days – run by professionals and volunteers”.
The Straits Times, Saturday, Feb 4 2012, Pg D5

“Older folk need the same things to be happy as everyone else: They want to mingle with friends, dine in cafes, eat apple pie or have a drink in the bar. They love going to the hairdresser, playing bridge, spending time with grandchildren or participating in volunteer work.”
Mr Hans Becker, chairman of the Humanitas Foundation, one of the biggest cared-living providers in the Netherlands
The Straits Times, Saturday, Feb 4 2012, Pg D5

2. The Humanitas Foundation’s Philosophy emphasises happiness more than ‘cure and care’.

The starting point, as well as the ultimate goal of the Humanitas care philosophy is the enhancement of human happiness for clients with a physical, or somatic handicap. Cure and care are, therefore, no longer the core business. Living arrangements and a general feeling of well-being are elements of equal importance, or probably more so.

Human happiness is defined by two aspects, an individual aspect (a person, though handicapped, wishes to have control over his own life) and a communal aspect (a person needs to have a sense of belonging, is in fact a herd animal). This is what the care organization needs to focus on.

D. SINGAPORE’S AGEING POPULATION

“The challenge is to build a city that is both affordable and liveable. ‘Liveability’ takes into account the social-psychological needs of the people including the need for familiarity, sense of place, sense of safety and convenience.

Mr Lim Boon Heng,
Minister-in-charge of Ageing Issues,
Prime Minister’s Office, 3 March 2011.

E: RESPONSES TO OUR AGEING POPULATION

Today, day care centres for seniors provide care and keep them socially engaged. MCYS has also commissioned Tan Tock Seng Hospital to train day care staff, and efforts are also underway to make some day care centres more dementia friendly.
… With the rethink in healthcare provision, the elderly themselves also need to be empowered to manage their health. “Chronic disease stays with the patient for years. The patient needs to know what to do,” said Dr Ho.

‘Holistic and Affordable Healthcare and Eldercare’
From Challenge magazine

To help Singaporeans and Singapore prepare for the ageing population, MOM has adopted a three-pronged approach which encompasses enhancing opportunities and employability; improving Central Provident Fund (CPF) returns; and making savings last during one’s lifetime.

‘Employability and Financial Security’
From Challenge magazine

In 2007, the Council for Third Age (C3A) was formed as an independent body to promote active ageing. The Third Age refers to a phase in life when an older person is actively engaged in society. In line with this, C3A catalyses the development of products and services that fulfil the aspirations and interest of seniors through partnerships with all sectors of society…

‘Active Ageing’
From Challenge magazine

F: QUESTIONS TO DISCUSS IN THE CLASS

1. Recently, the government has been emphasising values in education. How should the value of filial piety be inculcated in the young? Should it even be explicitly taught?

2. How do we combine physical care and protection for our elderly with giving them their freedom and allowing them to engage actively with society?

3. “The responsibility for taking care of the elderly rests solely on the government.” To what extent do you agree?

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Summary: Oscillations

1) Terms & Definitions

a) Oscillations: motion in which a body moves about a fixed point, back and forth over the same path. Examples: swinging bob of a simple pendulum, a vibrating guitar string, vibrating tuning fork

b) Periodic motion: motion takes place at equal intervals of time

c) Period T: time taken to complete one oscillation (SI unit: seconds[s] )

d) Frequency f: number of oscillations per unit time (SI unit: hertz [Hz]) f =1/T

e) Angular frequency ω: circular representation of frequency f (SI unit: rad s-1) w = 2pief

f) Equilibrium (neutral) position: position at which no net force acts on the oscillating mass

g) Displacement: distance of the oscillating mass from the equilibrium position at any instant

h) Amplitude: maximum displacement of the oscillating mass from its equilibrium position.

i) Phase: refers to the stage that an oscillating system has reached within the complete cycle of an oscillation, expressed in terms of a fraction of a cycle

j) Phase difference between 2 oscillations: difference in the stages of motion between two oscillations at a specific reference time

For complete summary, please contact Mr Ong @9863 9633

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A-Level Mathematics Tuition Singapore/JC Maths/H2 Math Tuition and Tutor

Hi A-Level/H2 Math Students

J1 – completed Binomial Theorem. Next lesson quiz on Graphing Technique and will introduce Functions

J2 – Next lesson Probability

From A level Math Tutors

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A-Level Chemistry Tuition Singapore/H2 Chemistry Tuition/JC Chemistry Tutor

Hi All A-Level/JC/H2/H1 Chemistry Students

Atomic structure – FAQ Part 1

Q: Why is the angle of deflection directly proportional to charge of the particle?
A: The greater the charge of the particle, the greater would be the attractive force exerted on it from the oppositely charged plate. Hence greater would be the deviation from its original direction of motion.

Q: Why is the angle of deflection inversely proportional to the mass of the particle?
A: If two particles are moving at the same speed but one is more massive than the other,the heavier particle would have a greater kinetic energy. Thus it requires more energy to be exerted on the heavier particle to cause it to deflect. Since the applied electric field is exerting the same amount of force on these two different particles with different
masses, the heavier particle would be deflected to a lesser extent.

Q: Why do isotopes react similarly?
A: This is because in chemical reaction, it is the electrons that are transferred between different atoms; atoms either gain or loose or share electrons. The nucleus remain intact

From A level Chemistry Tutor

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O Level Chemistry Tuition Singapore/Chemistry O Level Tuition/Tutor

Chapter 11 – Salt

Key ideas

1. Soluble salts are prepared by the following methods:
a) Acid + a metal (excluding potassium, sodium, calcium, copper and silver)
b) Acid + an insoluble base
c) Acid + an insoluble carbonate
d) Acid + an alkali (titration method)

2. Insoluble salts are prepared by the precipitation reaction of two soluble salt solutions

O level Chemistry Tuition Tutor

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A-Level Economics Tuition Singapore/H2/H1 Economics Tuition

Hi J1 H1/H2 Economics Tuition Students

Microeconomics Topic 1.2 : Resource Allocation in Competitive Markets Part 3 – Applications

H2 Syllabus :
Application of demand and supply analysis to various markets.
• Concept of elasticity of demand and supply
• Factors influencing the elasticity of demand and supply in the short-run and long-run

H2 Learning Outcome :
• Apply knowledge of basic model of demand and supply to various markets.
• Explain elasticity concepts and its applications e.g. an understanding of why and how changes in prices of a product affect the business sales and revenue.

H1 Syllabus :
• Price elasticities of demand and supply

H1 Learning Outcome :
• Explain the concepts of price elasticities of demand and supply
• Explain the factors affecting price elasticities of demand and supply
• Discuss real-world applications of demand and supply analysis

A Level Economics Tutors

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