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ECS2601 ASSIGNMENT 1 2021 ANSWERS (YEAR SEMESTER)
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ECS2601 Assignment 1 Year Semester 2021 100% TRUSTED workings, explanations and solutions
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ECS2601 ASSIGNMENT 1:20210763 468 675 (ECS TUTOR)
Microeconomics ECS 2601
Semesters 1 & 2
Department of Economics
.
, SEMESTER 1
COMPULSORY ASSIGNMENT LEARNING UNITS 1 TO 7
01
UNIQUE NUMBER 540779
TUTOR -FRANK CONTACT:0763468675 FOR HELP
Answer all questions on a mark-reading sheet
Questions 1 to 20 of the assignment are MULTIPLE-CHOICE questions.
In each question, select the most correct option.
1. What affects the price elasticity of demand for a good?
[1] Duration for demand decision.
[2] Substitutability of resources.
[3] Time elapsed since the income change.
[4] The closeness of substitutes.
Explanation- factors that affect how elastic (or inelastic) the price elasticity of demand is: the
availability of substitutes, the timeframe, the share of income, whether a good is a luxury vs. a
necessity, and how narrowly the market is defined.
2. The price elasticity of demand is inelastic if…
[1] income elasticity of demand is negative.
[2] price elasticity of demand is positive but less than 1.
[3] price elasticity of demand is negative.
[4] price elasticity of demand is positive but greater than 1.
Explanation: Price elasticity of demand (PED) shows the relationship between price and quantity
demanded and provides a precise calculation of the effect of a change in price on quantity
demanded.
2
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