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ECS1501 ASSESSMENT 6 OF 2024 EXPECTED QUESTIONS AND ANSWERS
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THIS DOCUMENT CONTAINS ECS1501 ASSESSMENT 6 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USE OIT CORRECTLY AS A GUIDE TO SCORE ABOVE 80%
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Started on Monday, 29 July 2024, 1:49 PMState Finished
Completed on Monday, 29 July 2024, 1:58 PM
Time taken 8 mins 52 secs OSCAR THE TUTOR
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Question 1 I confirm
Complete that this assessment will be my own individual work;
Not graded
that I will not communicate with anyone else in any way during the completion of
Flag this assessment;
question
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
Question 2 Price elasticity of demand gives us a measure of how sensitive or responsive the
Complete ________ of a good or service is to a change in the _________ of a good or service.
Mark 1.00 out
of 1.00
price; demand
Flag
question price; quantity demanded
demand; price
quantity demanded; price
This question assessed your definition of the price elasticity of demand: “The price
elasticity of demand is the percentage change in quantity demanded if the price of
the product changes by one per cent.” In other words, price elasticity indicates how
sensitive or responsive quantity demanded is to a change in price.
Question 3 What happens to the price elasticity of the demand for coal when the quantity of
Complete coal demanded is measured in kilograms instead of tons?
Mark 1.00 out
of 1.00
The price elasticity will be more elastic.
Flag
question The price elasticity will be undefined.
The price elasticity will be less elastic.
, The price elasticity will be neither more nor less elastic.
Price elasticity measures the responsiveness of the quantity demanded of a good
(coal) to changes in the price of the good (coal). The only difference measuring
coal in kilograms instead of tons is that the actual figures one uses when doing the
calculations would be larger, but it would make no difference to the answer.
Question 4 If price elasticity is less than one, a fall in price lowers the total revenue of the
Complete suppliers in question.
Mark 1.00 out Note, you will lose 50% of the mark for this question if you choose the incorrect
of 1.00 option.
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question
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 price elasticity is less than one, it means that demand is inelastic. In this case, a
fall in price will decrease the total revenue of the suppliers, as the increase in
quantity sold will not be enough to compensate for the decrease in price.
Question 5 The price elasticity of the demand for wholewheat bread is lower than the price
Complete elasticity of the demand for all kinds of bread.
Mark 1.00 out Note, that you will lose 50% of the mark for this question if you choose the
of 1.00 incorrect option.
Flag
question
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
, The price elasticity of the demand for wholewheat bread is higher than the price
elasticity of the demand for all kinds of bread as the different kinds of bread serve
as substitutes for wholewheat bread. Bread as a food group has fewer substitutes
and the price elasticity is less.
Question 6 Bread has the same price elasticity of demand as food.
Complete Note, you will lose 50% of the mark for this question if you choose the incorrect
Mark 1.00 out option.
of 1.00
If you are not sure about the answer and do not want to guess, choose the “Unsure”
Flag option. You will neither receive marks for the question nor will you lose marks for
question
choosing this option.
True
False
Unsure
Bread has several substitutes while food is a broader category that does not have
substitutes. The price elasticity of demand for bread is therefore more than the
price elasticity of demand for food as a whole.
Question 7 The price elasticity for the demand for food is most likely to be _____
Complete
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2,6. for FAC MAC ECS DSC TAX QMI FIN
question INV BNU STA tutorials
5,2. ]
0,3.
The demand for food tends to be inelastic. The main reason for this is we need
food to survive, it is a necessity. Secondly, we know that the broader the definition
of a good, the more inelastic the demand tends to be. Note we are dealing here
with the demand for food, which has no substitutes. If we break food down into
different categories of food, for example, chicken and mutton the elasticities would
tend to be greater (substitutes and so on). 0,3 is the only alternative showing a
value of less than 1 and is therefore the most likely correct alternative.
, Question 8 This question is based on the following table which shows the demand schedule
Complete for ice cream cones.
Mark 2.00 out Price Quantity demanded
of 2.00
Flag
R1 100
question
R2 80
R3 60
R4 40
R5 20
What is the price elasticity of demand when the price changes from R4 per ice
cream cone to R5 per ice cream cone? Use the formula for arc elasticity. (Ignore
the negative sign and round off to 2 decimal places.)
Answer: 3
Question 9 Use the following demand schedule on pens to answer the question.
Complete
Price (R) Quantity demanded (pens)
Mark 2.00 out
of 2.00 20 5 000
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