Exam (elaborations)
Ecs2601 Assignment 1 Semester 2 2024
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Ecs2601 Assignment 1 Semester 2 2024
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3/5/24, 1:16 PM Assessment 1: Attempt review Welcome Message Assessment 1
QUIZ
1 5 0
1 3 0
Started on 1- , 2 1 1 0
2024, 12:38 PM
State Finished
Completed on 1- , 2 1 1 0
2024, 1:16 PM
Time taken 38 mins 7 secs
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
John's demand for headphones is given
by the demand curve:
P = 30 - Q.
If a set of headphones cost R15 each,
what would John's consumer surplus be?
a. 225
b. 112.5
c. 150
d. 450
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=15203893&cmid=879222 1/9
,3/5/24, 1:16 PM Assessment 1: Attempt review
Question 2
Complete
Mark 1.00 out of 1.00
Sue has R100 to spend on two goods,
shoes and shirts. If the price of a pair of
shoes is R20 per pair and the price of a
shirt is R15 each, which one of the
following combinations is unaffordable
to Sue?
a. 5 pairs of shoes and 0 shirts.
b. 2 pairs of shoes and 4 shirts.
c. 0 pairs of shoes and 7 shirts.
d.
0 pairs of shoes and 0 shirts.
Question 3
Complete
Mark 1.00 out of 1.00
In which of the following cases would the
income and substitution effects for
books have the same sign?
a. When books are a Giffen good
and the price of books
increases.
b. None of the options are correct.
c. When books are an inferior,
ordinary good and the price of
books increases.
d. When books are a normal,
ordinary good and the price of
books increases.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=15203893&cmid=879222 2/9
,3/5/24, 1:16 PM Assessment 1: Attempt review
Question 4
Complete
Mark 3.00 out of 3.00
If the supply equation is given as Q =
-500 + 20P, the price elasticity of supply
between R100 and R200, calculated
using the arc elasticity of demand, is …
a. 0.83
b. 0.6
c. 1.2
d. 3.0
Question 5
Complete
Mark 1.00 out of 1.00
Consider two goods, apples and pears,
available for consumption. Assume that
the price of apples changes while the
price of pears remains xed. For these
two goods, the price-consumption
curve illustrates the…
a. utility-maximising combinations
of X and Y for each price of X.
b. utility-maximising combinations
of X and Y for each quantity of X.
c. relationship between the price of
Y and the consumption of X.
d. relationship between the price of
X and consumption of Y.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=15203893&cmid=879222 3/9
, 3/5/24, 1:16 PM Assessment 1: Attempt review
Question 6
Complete
Mark 3.00 out of 3.00
Consider the following demand and
supply functions: Demand: Qd = 600 -
30P and Supply: Qs = -300 + 120P. What
is the equilibrium price and output?
a.
P = R3.33 and Q = 500.
b.
P = R2 and Q = 540.
c.
P = R6 and Q = 420.
d.
P = R10 and Q = 300.
Question 7
Complete
Mark 1.00 out of 1.00
Elasticity values…
a. are described in part by all the
options.
b. eliminate the need for constant
speci cation of units of
measurement.
c. can be calculated by numerous
methods.
d. establish proportion and
therefore give perspective to an
issue.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=15203893&cmid=879222 4/9
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