100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Economics, Ecs1500 Exam , ASSIGNMENT 02, 29 March 2022, ecs1500 past exam papers $3.49   Add to cart

Exam (elaborations)

Economics, Ecs1500 Exam , ASSIGNMENT 02, 29 March 2022, ecs1500 past exam papers

 29 views  0 purchase
  • Course
  • Institution

ecs1500, ecs1500 assignment 3 2022, ecs1500 assignment 1 2022, ecs1500 assignment 3, ecs1500 assignment 1 answers, ecs1500 unisa, ecs1500 exam pack, ecs1500 study guide pdf, ecs1500 assignment 1 answers semester 2, ecs1500 assignment 1, ecs1500 assignment 3 2021, ecs1500 assignment 2 202...

[Show more]

Preview 2 out of 9  pages

  • September 30, 2022
  • 9
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
avatar-seller
Ecs1500
ASSIGNMENT 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.




This study source was downloaded by 100000828744212 from CourseHero.com on 02-16-2022 01:29:17 GMT -06:00


https://www.coursehero.com/file/88497730/Ecs1500-ASSIGNMENT-02-2021pdf/

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Adam27. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $3.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

83822 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$3.49
  • (0)
  Add to cart