Exam (elaborations)
ECS 1501 SEMESTER ONE ASSIGNMENT 5
- Course
- Institution
This document was drafted after doing multiple attempts to Ecs1501 assignment 5 so all questions and answers are available. distinction guaranteed.
[Show more]
Seller
Follow
tafadzwashokots
Reviews received
Content preview
MENU Dashboard / My courses / ECS1501-23-S1 / Assessments / Assessment 5
Started on Wednesday, 26 April 2023, 9:12 AM
State Finished
Completed on Wednesday, 26 April 2023, 9:28 AM
Time taken 16 mins 19 secs
Marks 15.00/15.00
Grade 100.00 out of 100.00
Question 1
Complete
Not graded
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
,Question 2
Complete
Mark 1.00 out of 1.00
MENU
The market for good A is in equilibrium. Then the price of a substitute good decreases and, simultaneously, the price of an input used to
Dashboard
make good A/ increases.
My coursesThe/ equilibrium
ECS1501-23-S1 / good
price of Assessments / Assessment
A will either 5
increase, decrease, or stay the same, and the equilibrium quantity of
good A 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
If the price of a substitute good decreases the quantity demanded thereof will increase. Consumers will buy less of good A, and the demand
for good A decreases. A decrease in demand is shown by a leftward shift of the demand curve leading to a decrease in the equilibrium price
and the equilibrium quantity.
If the price of an input increases, the cost of production will increase and the supply will decrease. The decrease in supply leads to a leftward
shift of the supply curve and the equilibrium price increases and the equilibrium quantity decreases.
The equilibrium price can either increase, decrease or stay the same the quantity demanded will definitively decrease.
,Question 3
Complete
Mark 1.00 out of 1.00
MENU
The market for good A is in equilibrium. Then the price of a substitute good decreases and, simultaneously, the price of an input used to
Dashboard
make good A/ increases.
My coursesThe/ equilibrium
ECS1501-23-S1 / good
price of Assessments / Assessment
A will decrease and the 5equilibrium quantity of good A 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
If the price of a substitute good decreases the quantity demanded thereof will increase. Consumers will buy less of good A, and the demand
for good A decreases. A decrease in demand is shown by a leftward shift of the demand curve leading to a decrease in the equilibrium price
and the equilibrium quantity.
If the price of an input increases, the cost of production will increase and the supply will decrease. The decrease in supply leads to a leftward
shift of the supply curve and the equilibrium price increases and the equilibrium quantity decreases.
The equilibrium price can either increase, decrease or stay the same the quantity demanded will definitively decrease.
, Question 4
Complete
Mark 1.00 out of 1.00
MENU
Oil is the main component in the manufacture of plastic bags. If the price of oil were to increase, the price of plastic bags would decrease
Dashboard
and / Mywould
the quantity courses / ECS1501-23-S1 / Assessments / Assessment 5
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
If the price of oil increases, the supply of plastic bags will decrease. The decrease in the supply can be shown by a leftward shift of the supply
curve. The equilibrium price increases while the equilibrium quantity decreases.
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 tafadzwashokots. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.02. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
50064 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now