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ECS1500 Assignment 1 Semester 1 2020 Suggested Solutions
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ECS1500 Assignment 01 Semester 01 2020 Suggested Solutions
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Economics 1500Assignment 01 for Semester 01 (compulsory)
Unique Number 815693
Due: 06 March 2020
The first ten questions of this assignment are about you and not about the study material.
The last two questions are about your experience with the completion of this assignment. We
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level and we want to find out more about the level of service provided by Unisa. These
questions do not have correct or incorrect answers and will not be marked. Their purpose is
to collect information about our students.
The following 20 questions (1.11–1.30) are about the study material, and they make up the
assignment questions. Feedback on these questions will be provided on myUnisa under
Additional Resources after the final closing date.
For questions 1.11 to 1.15 you need to indicate if the statement is true or false. As indicated,
if the statement is true, choose [1] and if the statement is false, choose [2].
1.11 When the market is in equilibrium, only a change in supply can bring about a change
in the price of the quantity that will be sold.
[1] True
[2] False
Answer:
Page 13 of the study guide:
When there is balance between the demand for and the supply of a specific product, we refer
to this as a situation of market equilibrium. Equilibrium thus implies a balance between
buyers and sellers at a certain price level. When a market is in equilibrium there are no market
forces at work to change the existing price level, because the quantity demanded is exactly
equal to the quantity supplied at that price. Any other price will cause either an oversupply
on the market (if the price is higher) or a severe shortage of the product (if the price is lower).
,Question 1.12 is based on the information contained in the following diagram. Use the
information provided to draw a diagram that shows how many cars travelled on Witkoppen
Road every day during a particular week, and answer question 1.12:
1.12 The graph that shows how many cars travelled on Witkoppen Road every day during a
particular week is a linear curve.
[1] True
[2] False
Answer:
, Refer to page 27 of the study guide:
2.3.1 Variables with a positive relationship
If two variables move together in the same direction, we say that there is a positive or a direct
relationship between them. An example of a positive relationship is that between speed and
distance travelled. The higher your speed, the greater the distance you can travel in 5 hours.
This is illustrated in figure 2.4, where a straight line is drawn to show the relationship between
speed and distance travelled in 8 hours. Because the relationship is a straight line, we call this
a linear relationship.
Therefore, it is clear that a linear curve is a straight line which shows a fixed pattern or
relationship between two variables.
1.13 The following diagram illustrates that the output per worker in a factory will increase
when more workers are employed:
[1] True
[2] False
Answer:
The output per worker will decrease:
First worker produces 200, the second worker produces 205, the third worker produces 210
and so on. It will keep on decreasing as the new workers only produce 5 units.
1.14 When the wages per worker in the metal-working industry increases, the supply curve
of steel will shift to the right.
[1] True
[2] False
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