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ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 If food is on the vertical axis and housing is on the horizontal axis, a set of indifference curves that are quite steep with respect to the horizontal axis … a. mean that the two goods are perfect substitutes. b. R50,00
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ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 If food is on the vertical axis and housing is on the horizontal axis, a set of indifference curves that are quite steep with respect to the horizontal axis … a. mean that the two goods are perfect substitutes. b.
ECS2601 ASSIGNMENT 1 SEMESTER 2 2024
If food is on the vertical axis and housing is on the horizontal axis, a set of indifference curves that are quite steep with respect to the horizontal axis …
a. mean that the two goods are perfect substitutes.
b. imply that food has a higher relative ...
Started on Friday, 9 August 2024, 6:02 PM
State Finished
Completed on Friday, 9 August 2024, 7:26 PM
Time taken 1 hour 24 mins
Marks 19.00/20.00
Grade 95.00 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Elasticity values…
a. are described in part by all the options.
b. can be calculated by numerous methods.
c. establish proportion and therefore give perspective to an issue.
d. eliminate the need for constant specification of units of measurement.
Question 2
Complete
Mark 1.00 out of 1.00
Which of the following factors does NOT help to explain why most indifference curves between consumer products slope
down to the right and are curved rather than straight?
a. The fact that the further an indifference curve is from the origin, the more total utility it represents.
b. The fact that most pairs of products are not perfect substitutes.
c. The fact that both products are regarded as desirable.
Plastic and steel are substitutes in the production of body panels for certain automobiles. If the price of plastic increases,
with other things remaining the same, we would expect:
a. the price of steel to fall.
b. nothing to happen to steel because it is only a substitute for plastic.
c. the demand curve for plastic to shift to the left.
d. the demand curve for steel to shift to the right.
Question 4
Complete
Mark 1.00 out of 1.00
Suppose that supply is perfectly elastic and the demand curve is downward sloping. A quantity tax placed on consumers will
…
If food is on the vertical axis and housing is on the horizontal axis, a set of indifference curves that are quite steep with
respect to the horizontal axis …
a. mean that the two goods are perfect substitutes.
b. imply that food has a higher relative value compared to housing for the consumer.
c. reflect a preference pattern that generally values housing high, relative to food.
d. say nothing relating to how the consumer feels about the two goods until a budget line is introduced
Question 6
Complete
Mark 1.00 out of 1.00
An increase in supply tends to increase the equilibrium price and quantity.
Select one:
True
False
Question 7
Complete
Mark 1.00 out of 1.00
The marginal rate of substitution diminishes as an individual moves downward along the demand curve.
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