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ECS1501 ASSIGNMENT 6 SEM 2 0F 2023 QUESTIONS AND EXPECTED ANSWERS R75,00
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  3. University Of South Africa (Unisa)
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  5. ECS 1501 (ECS1501)

Exam (elaborations)

ECS1501 ASSIGNMENT 6 SEM 2 0F 2023 QUESTIONS AND EXPECTED ANSWERS

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ECS1501 ASSIGNMENT 6 QUESTIONS AND EXPECTED ANSWERS SEM 2 OF 2023 . THIS DOCUMENT CONTAINS QUESTIONS AND ANSWERS , STUDYING IT FIRST BEFORE YOU DO YOUR ASSIGNMENT ENSURES YOU SCORE MORE THAN 80%.

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  • April 14, 2022
  • May 3, 2023
  • 40
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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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.

, 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.

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