Exam (elaborations)
ECS1501 ASSESSMENT 3 2024
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Guarantee pass 2024 assignment 3
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, Question 3Complete
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A higher price for hot dogs would result in a
decrease in the demand for hot dogs ____
increase in the demand for hot dog buns.
increase in the demand for hot dogs.
decrease in the demand for hot dog buns.
An increase in the price of hot dogs will lead to a decrease in the quantity demanded of hot dogs (therefore an upward
movement along the demand curve for coffee). Less hot dogs are sold, so less hot dog rolls are need - the demand for hot
dog rolls decreases.
Question 4
Complete
Mark 1.00 out of 1.00
It is apparent from the figure that
the demand for the good decreases as income increases.
the demand for the good conforms to the law of demand.
the good is inferior.
the quantity demanded increases as income increase.
The curve shows an inverse relationship between price and quantity demanded and therefore confirms with the law of
demand. A change in price can be illustrated by the movement from point A to point B.
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