ECS1500 Assignment 1 Semester 2 2023 (ANSWERS)
Question 1
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Question text
The service of an information technology specialist will form part of the production factor, capital.
Select one:
a.
True
b.
False
Feedback
Your answer is incorre...
, Started on Sunday, 6 August 2023, 6:04 PM
State Finished
Completed on Sunday, 6 August 2023, 6:39 PM
Time taken 35 mins 21 secs
Marks 35.50/40.00
Grade 88.75 out of 100.00
Feedback Well done! It is clear that you understand the content of Learning Units 1 and 2.
Question 1
Partially correct
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Question text
Use the following graph to answer the question:
Given the figure, which of the following options about the relationship between wages and the number of flight tickets purchased
are true?
a.
When the wages increase from $451-$500 to over $500 per hour, the number of tickets sold decreases.
b.
When the wages increase from $451-$500 to over $500 per hour, the number of tickets sold increases.
c.
The slope from point 5 to point 6 is equal to the slope from point 6 to point 7.
d.
When the wage level increases from $401-$450 to $451-500 per hour, the number of tickets sold increases.
Feedback
Your answer is partially correct.
You have correctly selected 1.
We can see that when the wage level increases from $401-$450 to $451-500 per hour, the number of tickets sold increases from
5 to 6. When the wage level increases from $451-$500 to over $500 per hour, the number of tickets decreases again to 5.
,We cannot really calculate the value of the slope between points 5 and 6, and points 6 and 7, as the measurements on the x-axis,
are classes of values and not precise values. However, we can see that the curve has a positive slope between points 5 and 6;
therefore, the slope will have a positive value. The curve has a negative slope between points 6 and 7; therefore, the slope will
have a negative value. Therefore, we know that the values of the slope between points 5 and 6 are not equal to the value of the
slope between points 6 and 7.
The correct answers are:
When the wage level increases from $401-$450 to $451-500 per hour, the number of tickets sold increases.,
When the wages increase from $451-$500 to over $500 per hour, the number of tickets sold decreases.
Question 2
Correct
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The person or company that combines the factors of production forms part of the production factor labour.
Select one:
True
False
Feedback
That is correct. Well done! You can distinguish between entrepreneurship and labour.
The person or company that combines the factors of production is called the entrepreneur, and this effort is distinguished from
the effort of the production factor labour. The entrepreneur is very important in the production process, as no production will
take place if the entrepreneur does not take the initiative to combine the other production factors.
The correct answer is 'False'.
Question 3
Correct
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Which one of the following statements about the factor market is correct?
1. Households purchase labour and capital in this market.
2. Firms purchase factors of production from households in this market.
3. All factors of production are non-exhaustible.
a.
Only statements 2 and 3 are correct.
b.
Only statement 3 is correct.
c.
Only statements 1 and 2 are correct.
d.
Only statement 1 is correct.
e.
Only statement 2 is correct
f.
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