100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 If food is on the vertical axis and housing is on the horizontal axis, a set of indifference curves that are quite steep with respect to the horizontal axis … a. mean that the two goods are perfect substitutes. b. $2.84
Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of South Africa (Unisa)
  4.  
  5. Intermediate Microeconomics (ECS2601)

Exam (elaborations)

ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 If food is on the vertical axis and housing is on the horizontal axis, a set of indifference curves that are quite steep with respect to the horizontal axis … a. mean that the two goods are perfect substitutes. b.

 0 purchase
  • Course
  • Intermediate Microeconomics (ECS2601)
  • Institution
  • University Of South Africa (Unisa)
  • Book
  • Microeconomics

ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 If food is on the vertical axis and housing is on the horizontal axis, a set of indifference curves that are quite steep with respect to the horizontal axis … a. mean that the two goods are perfect substitutes. b. imply that food has a higher relative ...

[Show more]

Preview 4 out of 162  pages

Document information

  • August 11, 2024
  • 162
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • ecs2601 assignment 1 semester 2 2024

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

Written for

  • University of South Africa (Unisa)
  • Intermediate Microeconomics (ECS2601)
All documents for this subject (86)

Seller

avatar-seller
BMZAcademy

Reviews received

Content preview

BMZ ACADEMY

BMZ Academy




CONTACT @ 061 262 1185/068 053 8213/0717513144




BMZ ACADEMY 0612621185/ 0717513144/ 068 053 8213

,8/11/24, 12:35 AM Assessment 1: Attempt review




UNISA  2024  ECS2601-24-S2  Welcome Message  Assessment 1

QUIZ




Started on Friday, 9 August 2024, 6:02 PM
State Finished
Completed on Friday, 9 August 2024, 7:26 PM
Time taken 1 hour 24 mins
Marks 19.00/20.00
Grade 95.00 out of 100.00


Question 1
Complete

Mark 1.00 out of 1.00




Elasticity values…


a. are described in part by all the options.

b. can be calculated by numerous methods.

c. establish proportion and therefore give perspective to an issue.

d. eliminate the need for constant specification of units of measurement.




Question 2
Complete

Mark 1.00 out of 1.00




Which of the following factors does NOT help to explain why most indifference curves between consumer products slope
down to the right and are curved rather than straight?


a. The fact that the further an indifference curve is from the origin, the more total utility it represents.



b. The fact that most pairs of products are not perfect substitutes.

c. The fact that both products are regarded as desirable.

d.
The principle of diminishing marginal utility.




https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=20737744&cmid=990757 1/7

,8/11/24, 12:35 AM Assessment 1: Attempt review

Question 3

Complete

Mark 1.00 out of 1.00




Plastic and steel are substitutes in the production of body panels for certain automobiles. If the price of plastic increases,
with other things remaining the same, we would expect:


a. the price of steel to fall.

b. nothing to happen to steel because it is only a substitute for plastic.

c. the demand curve for plastic to shift to the left.

d. the demand curve for steel to shift to the right.




Question 4
Complete

Mark 1.00 out of 1.00




Suppose that supply is perfectly elastic and the demand curve is downward sloping. A quantity tax placed on consumers will
…




a. Decrease producer surplus.



b. Increase consumer surplus.



c. Decrease consumer surplus.



d.
Decrease the price received by producers.




https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=20737744&cmid=990757 2/7

, 8/11/24, 12:35 AM Assessment 1: Attempt review

Question 5

Complete

Mark 1.00 out of 1.00




If food is on the vertical axis and housing is on the horizontal axis, a set of indifference curves that are quite steep with
respect to the horizontal axis …




a. mean that the two goods are perfect substitutes.

b. imply that food has a higher relative value compared to housing for the consumer.

c. reflect a preference pattern that generally values housing high, relative to food.

d. say nothing relating to how the consumer feels about the two goods until a budget line is introduced




Question 6

Complete

Mark 1.00 out of 1.00




An increase in supply tends to increase the equilibrium price and quantity.


Select one:
True

False




Question 7

Complete

Mark 1.00 out of 1.00




The marginal rate of substitution diminishes as an individual moves downward along the demand curve.


Select one:
True

False




https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=20737744&cmid=990757 3/7

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller BMZAcademy. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $2.84. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

65352 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

COMMUNITY AND PUBLIC HEALTH NURSING, EVIDENCE FOR PRACTICE 2ND EDITION BY GAIL A. HARKNESS, ROSANNA DEMARCO - TEST BANK EXAM QUESTIONS & 100% CORRECT COMPLETE ANSWERS (2023/2024) ALREADY GRADED A+ WI

Exam (elaborations) ·

(3)

NR602 FINAL EXAM TEST BANK/NR 602 FINAL EXAM 200 QUESTIONS AND 100% CORRECT ANSWERS |FINAL EXAM PREPARATION MATERIAL| 2022/2024 Woman c/o vaginal itching, white discharge. She is in good health exce

Exam (elaborations) ·

(3)

NURS 213 REAL EXAM QUESTIONS AND VERIFIED ANSWERS 2024-2025 LATEST UPDATE WITH EXPLANATION//GRADED A+ A moderately depressed client who was hospitalized 2 days ago suddenly begins smiling and reportin

Package deal ·

(0)

Illinois Pesticide Applicator General Standards Exam Questions With 100% correct Answers, Illinois Pesticide General Standards Final Exam Questions With Answers, Indiana Pesticide Applicator Core Trai

Exam (elaborations) ·

(3)

NUR 2058 Dimensions of Nursing Final Exam NCLEX EXAM / NUR2058 Dimensions of Nursing Final Exam2023-2024Rasmussen College NCLEX: In 2001, the Institute of Medicine (IOM) identified six aims for imp

Package deal ·

(0)

WGU C207 PreAssessmet Exam 2023 | WGU C207 OA Partial test Questions with Answers 2022 | WGU C207 Data Driven Decision Making Midterm Exam Questions and Answers Rated A+ 2023 | WGU C207 Data Driven De

Package deal ·

(0)

Echelon neuro a & p Comprehensive Questions and Answers Latest 2024 (100%Revised & Correct) Solutions, Echelon neuro test 4 MS/post stroke Exam and Answers 100%Verified, 2024 & Echelon Stroke post tes

Exam (elaborations) ·

(0)

Summary LPC Notes CLIP (Commercial Law and IP) Revision Notes (80% Distinction) 2023-2024 AGRADE Commercial Law Revision Notes Law is: The set of rules, made by state, and enforceable by prosecution o

Exam (elaborations) ·

(0)

Ryanair Conversion 2023-2024 Exam Questions With Complete Solution How many passengers seats does a Boeing 737-800 have? - 189 How many passenger seats does a Boeing 737-8200 have? - 197 What row are

$2.84
  • (0)
Add to cart
Added