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ecs1501 Assignment 6 2024 ( complete answers) due date 12 August 2024
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ecs1501 Assignment 6 2024 ( complete answers) due date 12 August 2024
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ECS1601 ASSIGNMENT 08 SEMESTER 2 2024 One of the objectives of the South African Reserve Bank is in ation targeting, and the in ation target for South Africa is between 3 and 6 per cent. There happe...
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Chapter 1 - What economics is all about
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ECS1601 Assignment 7 (COMPLETE ANSWERS) 2024 - DUE 29 October 2024
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ECS 1501ASSIGNMENT 6
DUE DATE: 12 August 2024
Use this document as a guide to learn, compare and reference
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EXPECTVIEW TUTORS EXPECTVIEW TUTORS EXPECTVIEW TUTORS
EXPECTVIEW TUTORS EXPECTVIEW TUTORS
, Started on Thursday, 8 August 2024, 6:19 PM
State Finished
Completed on Thursday, 8 August 2024, 6:33 PM
Time taken 13 mins 25 secs
Marks 12.00/12.00
Grade 100.00 out of 100.00
Question 1 I confirm
Complete that this assessment will be my own individual work;
Not graded
that I will not communicate with anyone else in any way during the completion of this assessment;
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question that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
Question 2 If the owners of Ster Kinekor movie theatres discounted the price of admission fees by 30 per cent, average attendance would rise by 50 per
Complete cent. Based on this data, it could be concluded that the price elasticity of demand for movie tickets is
Mark 1.00 out of
1.00
perfectly elastic.
Flag
question unitary elastic.
inelastic.
elastic.
Question 3 What happens to the price elasticity of the demand for coal when the quantity of coal demanded is measured in kilograms instead of tons?
Complete
Mark 1.00 out of The price elasticity will be more elastic.
1.00
Flag
The price elasticity will be undefined.
question
The price elasticity will be less elastic.
The price elasticity will be neither more nor less elastic.
Price elasticity measures the responsiveness of the quantity demanded of a good (coal) to changes in the price of the good (coal). The only
difference measuring coal in kilograms instead of tons is that the actual figures one uses when doing the calculations would be larger, but it
would make no difference to the answer.
Question 4 Producers are interested in the price elasticity of the demand for their product because it indicates what will happen to their total revenue (=
Complete P x Q) when the price of the product changes.
Mark 1.00 out of Note, you will lose 50% of the mark for this question if you choose the incorrect option.
1.00
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
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question
nor will you lose marks for choosing this option.
True
False
, Unsure
The statement is true. Producers are interested in the price elasticity of demand for their product because it indicates what will happen to
their total revenue (= P x Q) when the price of the product changes.
If the price elasticity of demand for a product is elastic (i.e., greater than 1), a decrease in price will lead to an increase in quantity
demanded that is proportionally greater than the decrease in price. As a result, the total revenue of the producer will increase. On the other
hand, if the price elasticity of demand for a product is inelastic (i.e., less than 1), a decrease in price will lead to an increase in quantity
demanded that is proportionally less than the decrease in price. As a result, the total revenue of the producer will decrease.
Question 5 Elasticity and slope are not the same.
Complete
Note, you will lose 50% of the mark for this question if you choose the incorrect option.
Mark 1.00 out of
1.00 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.
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question
True
False
Unsure
Elasticity and slope are related concepts but not the same. Slope refers to the steepness of a curve, while elasticity refers to the
responsiveness of the quantity demanded or supplied to changes in price or other factors. A curve can have a steep slope and still be
elastic, or a gentle slope and still be inelastic.
Question 6 The price elasticity of the demand for steak will be greater than the price elasticity of demand for meat (ie all types of meat).
Complete Note, you will lose 50% of the mark for this question if you choose the incorrect option.
Mark 1.00 out of
1.00 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.
Flag
question
True
False
Unsure
The price elasticity of demand for a specific type of product, such as steak, tends to be higher than the price elasticity of demand for a
broader category of products, such as meat in general.
Question 7 You are told that the demand for Iwisa maize meal is more price elastic than the demand for all maize meal as a whole. Which of the
Complete following correctly explains this statement?
Mark 1.00 out of
1.00
There are more substitutes for Iwisa maize meal than for maize meal as a whole.
Flag
question There are fewer substitutes for Iwisa maize meal than for maize meal as a whole.
Iwisa maize meal is a luxury product.
Maize meal is a necessity.
From our discussion of elasticity, we know that the broader the definition of a product, the smaller the price elasticity of demand tends to
be. Most South Africans will agree there are no substitutes for maize meal. The price elasticity of maize meal is therefore small. However, if
we divide the demand for maize meal into all the different brands (Iwasa, Sun, Impala, Ace and so on) we find that the price elasticity of the
individual brands tends to be more elastic because of the availability of substitutes.
Question 8 This question is based on the following table which shows the demand schedule for ice cream cones.
Complete
Price Quantity demanded
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