Question 3 Data]: John Tan is aware that real estate development oen ows in cycles and highly affected by the national economy. At a higher level of analysis, short-run business {or economic) cycle and property cycle are not in tandem with each other. As a result, weaker property developers tend to collapse during bad times. a) Illustrate the economic analysis of economic cycle, business cycle and property cycle with the aid of a linear chart. [3 marks} b} Elaborate the economic phases with examples to Datuk John Tan in the aspect of property development. [12 marks} c} Macroeconomics, microeeonomic and market research are important analysis for property developers. Discuss microeconomics analysis in the context of the property cycle. (5 marks) [Total]: 20 marks]