Exam (elaborations)
ECS2601 ASSIGNMENT 1 SEMESTER 2 2023
- Institution
- University Of South Africa (Unisa)
ECS2601 ASSIGNMENT 1 SEMESTER 2 2023 FOR FURTHER ASSISTANCE KINDLY WHATSAAP 9
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8/17/23, 3:42 PM Assessment 1: Attempt reviewUNISA 2023 ECS2601-23-S2 Welcome Message Assessment 1
QUIZ
Started on Thursday, 17 August 2023, 3:34 PM
State Finished
Completed on Thursday, 17 August 2023, 3:42 PM
Time taken 7 mins 5 secs
Marks 19.00/20.00
Grade 95.00 out of 100.00
Question 1
Complete
Mark 2.00 out of 2.00
An increase in the price of a product from R25,00 to R35,00 causes the
quantity demanded to decrease from 1 400 to 1 000 units. Using the arc elasticity
of demand, the price elasticity of demand is ………………
a. -1.00
b. -0.11
c. 1.15
d. 0.75
Question 2
Complete
Mark 1.00 out of 1.00
A consumer considers two products. Product A, with a price of R5 and consumer's
marginal utility of 100 utils and Product B, with a price of R10 and consumer’s
marginal utility of 160 utils. Which of the following statements is TRUE regarding the
products?
a. The consumer could only gain more utility from product A and B by
consuming more of both products.
b. The consumer would gain more utility from product A and B, by consuming
less of product A and more of product B.
c. The consumer will maximise his/her utility by consuming from both product
A and B.
d. The consumer would gain more utility from product A and B, by consuming
more of product A and less of product B.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=12329432&cmid=622831 1/6
, 8/17/23, 3:42 PM Assessment 1: Attempt review
Question 3
Complete
Mark 1.00 out of 1.00
The difference between what a consumer is willing to pay for a unit of a good and
what must be paid when actually buying it is called
a. consumer surplus.
b. cost benefit analysis.
c. net utility.
d. producer surplus
Question 4
Complete
Mark 1.00 out of 1.00
Which of the following statements is FALSE?
a. Cross elasticity of demand is positive between complements.
b. Price elasticity of demand is negative for most products.
c. Income elasticity of demand is positive for normal goods.
d. Price elasticity of supply is positive for most products.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=12329432&cmid=622831 2/6
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