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ECS2604 Assessment 4 (ANSWERS) Semester 2 2024 - DUE 8 November 2024 R53,21
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ECS2604 Assessment 4 (ANSWERS) Semester 2 2024 - DUE 8 November 2024
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ECS2604 Assessment 4 (ANSWERS) Semester 2 2024 - DUE 8 November 2024 ;100% TRUSTED workings with detailed Answers for A+ Grade. For assistance call or W.h.a.t.s.a.p.p us on +/ 2/ 5/ 4 /7 /7 /9 /5 /4 /0 /1 /3 /2 .

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  • November 5, 2024
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ECS2604
ASSIGNMENT 4 SEMESTER 2 2024
UNIQUE NO.
DUE DATE: 8 NOVEMBER 2024

, Question 1

1. When the labour demand curve shifts rightwards, at the new equilibrium,

Answer: (c) the wage increases.
A rightward shift in the labor demand curve indicates an increase in demand
for labor, which typically leads to higher wages at the new equilibrium.

2. The hourly wage of Thandi decreases from R150 to R100. What will happen
to her budget line?

Answer: (c) Shifts downwards.
A decrease in Thandi's wage means she can afford less of the goods and
services she could previously purchase, resulting in a downward shift of her
budget line.

3. Assume company XYZ increases retirement benefits for its employees,
what is the effect on the budget line?

Answer: (b) Shift up the budget line.
An increase in retirement benefits effectively increases the overall
compensation package for employees, allowing them to consume more, thus
shifting the budget line upwards.

4. Assuming that for Mimi the substitution effect is stronger than the income
effect, which of the following applies to her?

Answer: (a) She will work more hours and her labour supply will
increase.
If the substitution effect dominates, it indicates that Mimi finds working more
hours to be more attractive compared to leisure time, leading to an increase
in her labor supply.

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