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ECS1501 ASSIGNMENT 7
LETSPASSS
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,Which diagram shows how this will affect the market for diapers?
Diagram D
Diagram A
Diagram C
Diagram B
If a price of R8 temporarily exists in the market for canned purple beans, a _____ of _____
cans will result.
shortage; 60
surplus; 40
shortage; 20
surplus; 60
Question 6
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Question text
An increase in the price of hamburgers would probably result in _____ in the demand for
hamburger buns.
a decrease
,no change
an increase
random fluctuations
An increase in the price of hamburgers would probably result in _____ in the demand for
hamburger buns.
a decrease
no change
an increase
random fluctuation
A decrease in the price of eggs will result in
a movement along the demand curve for eggs.
an increase in the demand for eggs.
a shift in the supply curve for eggs.
an increase in the supply of eggs.
Given the demand for a product as Qd = 90 - 7P and the supply is given as Qs = -60 +
8P. You are told equilibrium is obtained at the point where Qd = Qs. The equilibrium
price of the product is Answer 10 and the equilibrium quantity is Answer.20
The demand for a good will increase if
there is a decrease in the price of the good.
the price of a complementary good increases.
there is an increase in the number of consumers in this market.
the price of inputs needed in the production of the good decrease.
Clear my choice
, A decrease in supply means
that more will be supplied at every price.
a shift to the left of the entire supply curve.
a movement down the supply curve as prices go down.
that less will be demanded at every price.
Assume that maize is an input in the production of beef sausages but not in the
production of pork sausages. Further, beef and pork sausages are substitutes in
consumption. A decrease in the price of maize will _____ the supply of beef sausages and
_____ the demand for pork sausages.
increase; increase
increase; decrease
decrease; increase
decrease; decrease
Adie wants to take some online classes this semester. She is willing to pay R1 000 for the
first class, R800 for the second, R700 for the third, and R500 for the fourth. If online
classes cost R650, Adie will take Answer 4 online classes, and her consumer surplus will
equal Answer.550
This question is based on the following table indicating a group of students’ willingness
to sell tickets for a soccer match.
Willingness to sell
Jabu 1
Thabang 25
Klaas 60
Busani 90
Sandile 100
After the recent slump in the performances of Bafana Bafana, a group of students want
to sell their tickets for the Bafana Bafana versus the Super Eagles game. Assume that
each student only has one ticket to sell. If the price of a ticket is R30, the total producer
surplus is Answer 160
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