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Ecs1500 exam
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Ecs1500ASSIGNMENT 02
29 March 2022
, ASSIGNMENT 02 (FIRST SEMESTER)
UNIQUE NUMBER
CLOSING DATE 29 March 2022
LEARNING UNITS 5 to 7
WEIGHT FOR SEMESTER MARK 30% of semester mark
NUMBER OF QUESTIONS 20
2.1 Price elasticity of demand measures how sensitive the quantity demanded is to
changes in the supply of a good.
[1] True
[2] False
Price elasticity of demand is concerned with the sensitivity of the quantity
demanded to a change in the price of the product.
2.2 When the demand for product X is inelastic, it means that the quantity demanded
for product X is sensitive to a change in the price level.
[1] True
[2] False
Demand is said to be inelastic when the quantity demanded changes in response
to a change in price, but the percentage change in the quantity is less than the
percentage change in the price of the product.( It is sensitive but lesser) –
Question is a bit vague
2.3 Microeconomics deals with individual parts of the economy, such as decisions by
individual consumers, households and firms.
[1] True
[2] False
In microeconomics the focus is on individual parts of the economy. The prefix
“micro” comes from the Greek mikros meaning small. In microeconomics the
decisions or functioning of decision makers such as individual consumers,
households, firms or other organisations are considered in isolation from the rest
of the economy.
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