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ECS2601 STUDY NOTES.
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ECS2601 STUDY NOTES. 100% CORRECT questions, answers, workings and explanations. for assistance.
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ECS2601 STUDYNOTES.
,Microeconomics II
A Study Pack
This is prepared for UNISA undergraduate students undertaking the module ECS2601.
The past exam papers used as reference are for the period: May 2011- May 2013
All the questions in this pack were taken from previous exam papers. We hope it will help you
in preparing for your exams. May God grant you the Spirit of understanding, I wish you all the
best. Amen.
, 2
Contents
A Study Pack © 2014 ...................................................................................................... 1
Study Unit 2: The basics of supply and demand ..................................................................... 3
May/June 2012 ....................................................................................................... 3
November 2011 ......................................................................................................... 5
Tutor’s brief notes ........................................................................................................ 7
Study Unit 3& 4: Consumer Behavior& Individual and Market Demand .......................................... 9
MAY/JUNE 2012 ......................................................................................................... 9
NOVEMBER 2011 ....................................................................................................... 16
More questions from tutor selection ................................................................................. 20
Tutor’s brief notes ...................................................................................................... 28
Study unit 6 & 7: Production & Cost of production ............................................................... 40
May 2012 ............................................................................................................... 40
November 2011 ....................................................................................................... 44
Tutor’s brief notes ...................................................................................................... 48
More questions from tutor selection ................................................................................. 56
Study Unit 9-11 .......................................................................................................... 60
Tutor’s brief notes ...................................................................................................... 60
Study Unit 12: Oligopoly ............................................................................................... 69
More questions from tutor selection ................................................................................. 69
Tutor’s brief notes ...................................................................................................... 72
Study Unit 16: General equilibrium & Economic Efficiency ...................................................... 79
More questions from tutor selection ................................................................................. 79
Tutor’s brief notes ...................................................................................................... 83
SELECTED PAST EXAM PAPERS SUGGESTED SOLUTIONS ........................................................... 87
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Study Unit 2: The basics of supply and demand
May/June 2012
Answer
A1
Δ
(a) Ep = X points are ( 8 , 6) and (10,4)
Δ
Starting a t point (8.6)
EP = 86 X 10−84−6 = 1.33
Starting at point (10.4)
EP = 104 x 8−106−4 = 2.5
The formula is not useful since it does not give unique solution.
Answer
̅
Δ
Arch Elasticity EP = ̅X
Δ
8+10
2
4−6 9 2
=( )X = X = 1.8
10−
6+4 8 5 2
2
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