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ECS1501 ASSIGNMENT 6 2024 A perfectly inelastic demand curve is a. vertical b. horizontal c. a downward sloping straight line with a slope equal to 1 d. a curved line along which the product of price and quantity is constant.R82,15
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ECS1501 ASSIGNMENT 6 2024 A perfectly inelastic demand curve is a. vertical b. horizontal c. a downward sloping straight line with a slope equal to 1 d. a curved line along which the product of price and quantity is constant.
ECS1501 ASSIGNMENT 6 2024
A perfectly inelastic demand curve is
vertical.
horizontal.
a downward sloping straight line with a slope equal to 1.
a curved line along which the product of price and quantity is constant.
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,8/6/24, 2:25 PM Assessment 6: Attempt review
ECS1501-24-Y Assessments Assessment 6
QUIZ
Started on Tuesday, 6 August 2024, 1:54 PM
State Finished
Completed on Tuesday, 6 August 2024, 2:24 PM
Time taken 30 mins 21 secs
Marks 12.00/12.00
Grade 100.00 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 beef is greater than the price elasticity of coffee, it means that households are
more responsive or sensitive to a change in the demand for coffee than to a change in the demand for beef.
more responsive or sensitive to a change in the price of beef than to a change in the price of coffee.
more responsive or sensitive to a change in the price of coffee than to a change in the price of beef.
more responsive or sensitive to a change in the demand for beef than to a change in the demand for coffee.
If the price elasticity of beef is greater than the price elasticity of coffee, it means that households are more responsive or
sensitive to a change in the price of beef than to a change in the price of coffee.
a downward sloping straight line with a slope equal to 1.
a curved line along which the product of price and quantity is constant.
A perfectly inelastic demand curve is vertical. vertical.
Question 4
Complete
Mark 1.00 out of 1.00
If price elasticity is less than one, a fall in price lowers the total revenue of the suppliers in question.
Note, you will lose 50% of the mark for this question if you choose the incorrect option.
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.
True
False
Unsure
If price elasticity is less than one, it means that demand is inelastic. In this case, a fall in price will decrease the total revenue
of the suppliers, as the increase in quantity sold will not be enough to compensate for the decrease in price.
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