Exam (elaborations)
ECS1501 Assignment 6 (QUIZ) Semester 1 2023 (658965)
- Course
- Institution
ECS1501 Assignment 6 (QUIZ) Semester 1 2023 () ECS1501 Assignment 6 (QUIZ) Semester 1 2023 () ECS1501 Assignment 6 (QUIZ) Semester 1 2023 ()
[Show more]
1 review
By: mabasamuyimeri8 • 4 months ago
Seller
Follow
TestbanksNotesAssignmentsAndExampacksGuru
Reviews received
Content preview
ECS1501 Assignment 6 (QUIZ)Semester 1 2023 (658965)
Contact:
@ TestbanksNotesAssignmentsAndExamspack
sGuru
+254742508812, +254727097655.
rom400eezy@gmail.com
, Stuvia.com - The Marketplace to Buy and Sell your Study Material
Started on Wednesday, 3 May 2023, 12:40 AM
State Finished
Completed on Wednesday, 3 May 2023, 12:51 AM
Time taken 10 mins 58 secs
Marks 14.00/15.00
Grade 93.33 out of 100.00
Question 1
Complete
Not graded
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
Question 2
Complete
Mark 1.00 out of 1.00
If the price elasticity of demand for Omo washing powder is 3.0, a ________ drop in price leads to a __________ rise in the quantity demanded.
12 per cent; 36 per cent
12 per cent; 4 per cent
R1 000; 333-unit
R1 000; 3000-unit
If the price elasticity of demand for Omo washing powder is 3.0, it means the percentage change in quantity demanded is 3 times bigger than the
percentage change in price.
Downloaded by: TheretiredProff | theretiredproff@gmail.com Want to earn $1.236
Distribution of this document is illegal extra per year?
, Stuvia.com - The Marketplace to Buy and Sell your Study Material
Question 3
Complete
Mark 1.00 out of 1.00
Price elasticity of demand gives us a measure of how sensitive or responsive the ________ of a good or service is to a change in the _________
of a good or service.
demand; price
price; quantity demanded
price; demand
quantity demanded; price
This question assessed your definition of the price elasticity of demand: “The price elasticity of demand is the percentage change in quantity
demanded if the price of the product changes by one per cent.” In other words, price elasticity indicates how sensitive or responsive quantity
demanded is to a change in price.
Question 4
Complete
Mark 1.00 out of 1.00
Which one of the following statements with regards to price elasticity is correct?
The price elasticity of demand provides us with a measure of how sensitive or responsive the price of a good or service is to a change in
demand.
If you know what the price elasticity of petrol is, all you will be able to say is that an increase in the price of petrol will reduce the quantity
of petrol demanded.
If you know what the price elasticity of petrol is, you will know how sensitive or responsive the quantity demanded of petrol is to a change
in the price of petrol.
If the price elasticity of good X is greater than the price elasticity of good Y, it means that households are more responsive or sensitive to a
change in the price of good Y than to a change in the price of good X.
This question assessed your definition of the price elasticity of demand: “The price elasticity of demand is the percentage change in quantity
demanded if the price of the product changes by one per cent”. In other words, price elasticity indicates how sensitive or responsive quantity
demanded is to a change in price.
Downloaded by: TheretiredProff | theretiredproff@gmail.com Want to earn $1.236
Distribution of this document is illegal extra per year?
, Stuvia.com - The Marketplace to Buy and Sell your Study Material
Question 5
Complete
Mark 1.00 out of 1.00
The price elasticity for the demand for food is most likely to be _____
0,3.
1,8.
2,6.
5,2.
The demand for food tends to be inelastic. The main reason for this is we need food to survive, it is a necessity. Secondly, we know that the
broader the definition of a good, the more inelastic the demand tends to be. Note we are dealing here with the demand for food, which has no
substitutes. If we break food down into different categories of food, for example, chicken and mutton the elasticities would tend to be greater
(substitutes and so on). 0,3 is the only alternative showing a value of less than 1 and is therefore the most likely correct alternative.
Question 6
Complete
Mark 1.00 out of 1.00
If the price elasticity of medical care is 0,31 it can be concluded that the demand for medical care is ________ since the percentage change in
quantity demanded is ________ the percentage in price.
price elastic; greater
price inelastic; greater
price elastic; less
price inelastic; less
The price elasticity of demand of medical care (0,31) is smaller than 1 and is therefore inelastic.
Downloaded by: TheretiredProff | theretiredproff@gmail.com Want to earn $1.236
Distribution of this document is illegal extra per year?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TestbanksNotesAssignmentsAndExampacksGuru. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.50. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76669 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now