Exam (elaborations)
ECS 1501 SEMESTER ONE ASSIGNMENT 5
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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.
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