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Summary ECS1501 ASSIGNMENT 6 ANSWERS
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a guide to the suggested solutions of assignment 6 ECS1501 guaranteed to make you pass.
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By: tshepoglobal842 • 2 year ago
By: grobleringrid • 2 year ago
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Started on Wednesday, 21 September 2022, 10:59 PMState Finished
Completed on Thursday, 22 September 2022, 12:55 AM
Time taken 1 hour 56 mins
Marks 24.00/25.00
Grade 96.00 out of 100.00
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Question 1
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Question text
If demand for a particular good increase at the same time that supply decreases, the
effect on equilibrium price will be an increase.Note, that you will lose 50% of the mark
for this question if you choose the incorrect option.If you are not sure about the answer
and do not want to guess, choose the “Unsure” option. You will neither receive marks for
the question nor will you lose marks for choosing this option.
True
False
Unsure
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Question 2
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, Question text
Suppose that the demand and supply of a good increase simultaneously. The effect on
the equilibrium price of the good will be ambiguous, but the equilibrium quantity will
decrease.
Note, that you will lose 50% of the mark for this question if you choose the incorrect
option.
If you are not sure about the answer and do not want to guess, choose the “Unsure”
option. You will neither receive marks for the question nor will you lose marks for
choosing this option.
True
False
Unsure
Clear my choice
Question 3
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Question text
Market research has shown that the average income of consumers of good X (an inferior
good) has increased. At the same time, there is an increase in the price of a factor of
production used to make good X. As a result, the equilibrium price of good X will
decrease and the equilibrium quantity of good X will either increase, decrease, or stay
the same.
Note, that you will lose 50% of the mark for this question if you choose the incorrect
option.
If you are not sure about the answer and do not want to guess, choose the “Unsure”
option. You will neither receive marks for the question nor will you lose marks for
choosing this option.
True
False
Unsure
Clear my choice
Question 4
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Question text
Suppose that the wages of farm workers decrease at the same time that strawberries
experience a sudden burst of popularity. We conclude that the quantity will increase but
the price will decrease.
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