Exam (elaborations)
ECS2601 - ASSESSMENT 3 - EXPECTED QUESTIONS AND ANSWERS - 2024
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ECS2601 – ASSESSMENT 3 – EXPECTED QUESTIONS AND ANSWERS - 2024Started on Sunday, 1 October 2023,
State Finished
Completed on Sunday, 1 October 2023,
Time taken
Marks 24.00/30.00
Grade 80.00 out of 100.00
Question 1
If the supply equation is given as QS = -200 + 10P , the price elasticity of supply
between R40 and R50, calculated using the arc elasticity of demand, is …
a.
0.56.
b.
0.6.
c.
2.0.
d.
1.8.
Question 2
Microeconomics is a study that focuses on ……….. units of consumers, firms,
workers and government.
a.
Individual
b.
non-competitive
c.
aggregate
d.
1
, ECS2601 – ASSESSMENT 3 – EXPECTED QUESTIONS AND ANSWERS - 2024
Competitive
Question 3
If the supply equation is given as Q = -100 + 10P the price elasticity of supply
between R15 and R25, calculated using the arc elasticity of supply, is
…………….
a.
2.0
b.
0.5
c.
2.5
d.
1.0
Question 4
A decrease in the price of a product from R5 to R2 causes the quantity
demanded to increase from 100 to 200 units. Using the arc elasticity of
demand, the price elasticity of demand is …
a.
– 0.58
b.
0.77
c.
– 0.82
d.
– 1.29
2
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