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ECS1501 ASSIGNMENT 03 SEMESTER 1 2024
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ECS1501 ASSIGNMENT 03 SEMESTER 1 2024 Question and solutions with distinction guaranteed!
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Assessment 3Open course
Started on Friday, 30 May 2024, 5:31 AM
State Finished
Completed on Friday, 30 May 2024, 6:22 AM
Time taken 51 mins 42 secs
Marks 11.00/12.00
Grade 91.66 out of 100.00
Question 1
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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
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A market demand is
not responsive to change in tastes and preferences.
determined solely by the number of buyers and sellers in the market.
a summation of individual supply curves.
a summation of individual demand curves.
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The market demand aggregates the total quantity demanded by all individuals at each
particular price level. Individual demand is concerned about the quantity demanded by each
individual at each particular price level.
, Question 3
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If Sandile experiences a decrease in his income, we would expect that, as a result, Sandile’s
demand for
normal goods will decrease.
luxury goods will increase.
each good he purchases will remain unchanged.
inferior goods will decrease.
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If Sandile experiences a decrease in his income, we would expect that, as a result, Sandile’s
demand for normal goods will decrease.
Question 4
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Soup is an inferior good if the demand
for soup falls when income rises.
curve for soup slopes upward.
for soup rises when the price of soup falls.
for soup falls when the price of a substitute for soup rises.
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If the demand for a product decreases when income increases, we are dealing with an
inferior good.
Question 5
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An increase in demand is represented by
a rightward shift of a demand curve.
a movement downward and to the right along a demand curve.
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