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ECS1501 ASSIGNMENT FOR SEMESTER 1
Assignment 1 to 3 for semester one. Success in your reading and revision.
[Show more]Assignment 1 to 3 for semester one. Success in your reading and revision.
[Show more]ANSWERS OF ECS1501 ASSIGNMENT 
 
 
PREVIEW OF QUESTION 1 
1. 3 Reference: Prescribed book PG 119 
Law of demand which indicates that a negative relationship exists between the price of a good or 
service and the quantity demanded of it. 
2. 1 Reference: Prescribed book PG 125 
An important property ...
Preview 1 out of 4 pages
Add to cartANSWERS OF ECS1501 ASSIGNMENT 
 
 
PREVIEW OF QUESTION 1 
1. 3 Reference: Prescribed book PG 119 
Law of demand which indicates that a negative relationship exists between the price of a good or 
service and the quantity demanded of it. 
2. 1 Reference: Prescribed book PG 125 
An important property ...
PREVIEW OF QUESTION 1 
1. 1 Reference: Prescribed book PG 189 
The opposite occurs when the price of a product is set at too low a level. In this situation, buyers will 
demand a higher quantity than suppliers are willing to or plan to supply. Excess demand or a 
shortage will thus be created in the...
Preview 1 out of 4 pages
Add to cartPREVIEW OF QUESTION 1 
1. 1 Reference: Prescribed book PG 189 
The opposite occurs when the price of a product is set at too low a level. In this situation, buyers will 
demand a higher quantity than suppliers are willing to or plan to supply. Excess demand or a 
shortage will thus be created in the...
PREVIEW OF QUESTION 1 
1. 2 Reference: Prescribed book PG 2 
Economics is the science which studies human behaviour as a relationship between ends and 
scarce means which have alternative uses. 
2. 2 Reference: Prescribed book PG 2 
According to these definitions, the economic problem, also referred...
Preview 1 out of 4 pages
Add to cartPREVIEW OF QUESTION 1 
1. 2 Reference: Prescribed book PG 2 
Economics is the science which studies human behaviour as a relationship between ends and 
scarce means which have alternative uses. 
2. 2 Reference: Prescribed book PG 2 
According to these definitions, the economic problem, also referred...
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