This document serves as a guide to help reflect on my review of Assessment 2 for ECS2601. This is purely for reflection purposes and shows my decisions on the answers to the assessment as well as the marks I obtained for each answer.
Started on Tuesday, 18 April 2023, 1:15 PM
State Finished
Completed on Tuesday, 18 April 2023, 5:03 PM
Time taken 3 hours 47 mins
Marks 15.00/20.00
Grade 75.00 out of 100.00
Question 1
Complete
Mark 0.00 out of 1.00
Suppose you are in charge of a toll bridge that costs essentially nothing to operate. The demand for bridge crossings Q is given by P = 15
-0.5P. If the toll bridge charges a fee of R0 to cross the bridge. Then the quantity demanded will be 15.
Select one:
True
False
Question 2
Complete
Mark 0.00 out of 1.00
The income effect of a price decrease …
a. does not relate to changes in real or nominal income, but rather to the perception of change in the mind of the consumer.
b.
refers to the influence of real income changes rather than nominal income changes on consumer purchases.
c. refers to the influence of nominal income changes rather than real income changes on consumer purchases.
d. measures the effect of both real and nominal income changes on consumer purchases.
, Question 3
Complete
Mark 1.00 out of 1.00
MENU
Which of the following is true concerning the substitution effect of a decrease in price?
Dashboard / My courses / ECS2601-23-S1 / Welcome Message / Assessment 2
a.
It will lead to an increase in consumption only for a normal good.
b. It will always lead to an increase in consumption.
c. It will lead to an increase in consumption only for a Giffen good.
d. It will lead to an increase in consumption only for an inferior good.
Question 4
Complete
Mark 1.00 out of 1.00
For a given short-run production function,
a. technology is assumed to change as capital changes.
b. technology is assumed to changed positively until diminishing returns set in.
c. technology is assumed to change as labour changes.
d. technology is considered to be constant for a given production relationship.
Question 5
Complete
Mark 1.00 out of 1.00
Both the substitution effect and income effect occur because of a change in the price of a good.
Select one:
True
False
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