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  5. Intermediate Microeconomics (ECS2601)

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ECS2601 - ASSESSMENT 2 - QUESTIONS AND ANSWERS - SEMESTER 2 - 2024
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  • June 21, 2024
  • 110
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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2024 – S1 – ECS2601 – ASSESSMENT 2 – Q&A



Assessment 2
Started on Tuesday, 2 April 2024,
State Finished
Completed on Tuesday, 2 April 2024,
Time taken
Marks 19.00/20.00
Grade 95.00 out of 100.00


Question 1
Imagine that there are only three consumers in a particular market for shirts: Thando,
Irene and Portia. We are interested in the demand for shirts. The demand equations
for the three consumers are as follows:

If the price of one shirt was to increase from R50 to R100, whose quantity demand of
shirts will fall the most or even demand no shirts at all.
Irene: Qd = 200 - 2P

Thando: Qd= 130 - P

Portia: Qd = 280 - 2P



a.
Irene

b.
Thando

c.
Portia

d.
No consumer will purchase shirts as the price has doubled.

Feedback
Your answer is correct.

Substitute R100 into all the individual demand equations.

1

, 2024 – S1 – ECS2601 – ASSESSMENT 2 – Q&A


Irene: Qd = 200 - 2(100) = 0

Thando: Qd= 130 - (100) = 30

Portia: Qd = 280 - 2(100) = 80

Irene will demand 0 quantity of shirts.


Question 2




The magnitude of the subsitution effect and income effect in this graph reperesnts ...

a.
Giffen Good.

b.
Normal good.

c.
Inferior good.

d.
Complement goods.

2

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