Exam (elaborations)
ECS1501 Assignment 6 2024| Due 12 August 2024
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ECS1501 Assignment 6 2024
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By: risuna1999 • 3 months ago
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1. NISA2. 2024
3. ECS1501-24-Y
4. Assessments
5. Assessment 6
Quiz
Assessment 6
Open course index
Open block drawer
Started on Thursday, 1 August 2024, 8:18 PM
State Finished
Completed on Thursday, 1 August 2024, 10:16 PM
Time taken 1 hour 58 mins
Marks 12.00/12.00
Grade 100.00 out of 100.00
Question 1
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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
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Which one of the following statements with regards to price elasticity is correct?
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 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 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.
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.
Feedback
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 3
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Question text
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.
price; quantity demanded
price; demand
quantity demanded; price
demand; price
Feedback
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
Flag question
Question text
The more (or better) substitutes a good has, the greater the price elasticity of the demand for the good
will be.
Note, 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
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