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ECS1501 Assignment 5 Solutions 2023
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ECS1501 Assignment 5 MemoECS1501 Assignment Five Semester 1 2023 Solutions
Started on Wednesday, 26 April 2023,
9:10 AM
State Finished
Completed on Wednesday, 26 April 2023,
09:20 AM
Time taken 10 mins
Marks 15.00/15.00
Grade 100.00 out of 100.00
Question 1
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Question 2
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Written by: Doncabe Intelligent Academy WhatsApp us on: 078 599 7418
,ECS1501 Assignment 5 Memo
According to a leading commentator on the markets for laptops and tablets, the demand
for tablets has increased significantly over the past 5 years. But, over this same time period,
the price of a tablet has decreased sharply. A possible explanation for this is that the
increase in demand must have been accompanied by a decrease in supply.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option.
You will neither receive marks for the question nor will you lose marks for choosing this
option.
True
False√
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The decrease in the supply of tablets is shown by a leftward shift of the supply curve. The
equilibrium price of tablets increases while the equilibrium quantity decreases.
The increase in the demand for tablets is shown by a rightward shift of the demand curve
leading to an increase in the equilibrium price and the equilibrium quantity.
In both cases the price of tablets increase.
Question 3
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Since one of the actors in a popular television series has been spotted wearing pink
sunglasses, pink sunglasses is a must for every fashion conscious person. At the same time,
a technological innovation reduces the costs of producing pink sunglasses. As a result, the
equilibrium price of pink sunglasses will either increase, decrease, or stay the same, and the
equilibrium quantity could also either increase, decrease, or stay the same.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option.
You will neither receive marks for the question nor will you lose marks for choosing this
option.
Written by: Doncabe Intelligent Academy WhatsApp us on: 078 599 7418
, ECS1501 Assignment 5 Memo
True
False√
Unsure
Feedback
The increase in the demand for pink sunglasses is shown by a rightward shift of the demand
curve leading to an increase in the equilibrium price and the equilibrium quantity.
The reduction in the cost of production of pink sunglasses increases the supply of pink
sunglasses. The supply curve shifts to the right leading to a decrease in the equilibrium price
and an increase in the equilibrium quantity.
Thus, the equilibrium price can either increase, decrease or stay the same while the
equilibrium quantity will increase.
Question 4
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The market for good A is in equilibrium. Then a technological innovation reduces the cost of
production of good A and, simultaneously, the price of a complement good increases. The
equilibrium price of good A will either increase, decrease, or stay the same, and the
equilibrium quantity will increase.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option.
You will neither receive marks for the question nor will you lose marks for choosing this
option.
True
False√
Unsure
Feedback
The increase in the price of a complement reduces the quantity demanded for the
complement. Thus, the demand for good A will decrease. A decrease in demand is shown by
Written by: Doncabe Intelligent Academy WhatsApp us on: 078 599 7418
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