Exam (elaborations)
ECS1501 Exam pack 2024(Economics IA)
- Course
- Economics IA
- Institution
- University Of South Africa
ECS1501 Exam pack 2024(Economics IA)
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ECS1501 EXAM PACK2024
QUESTIONS AND
ANSWERS
FOR ASSISTANCE CONTACT
EMAIL:gabrielmusyoka940@gmail.com
, lOMoARcPSD|31863004
Index
May/June 2017
May/June 2017 Suggested Solutions
May/June 2016
May/June 2016 Suggested Solutions
May/June 2015
May/June 2015 Suggested Solutions
October/November 2017
October/November 2017 Suggested Solutions
October/November 2014
October/November 2014 Suggested Solutions
,lOMoARcPSD|31863004
, lOMoARcPSD|31863004
SECTION A – COMPULSORY WRITTEN QUESTIONS
Question 1
(1a) In the market for milk two things happen simultaneously: first, due to increased subsidies from
government, there was an increase in the number of dairy farmers. Second , due to unfavourable
economic growth, the average income per household has decreased . The effect of the subsidies is larger
than the effect of the decreased income per household. Draw the market for milk and show the all
changes. (5)
(1b) Critically discuss your answer in question 1a, explaining the curves and making reference to any
changes.
Question 2
(2) Calculate the equilibrium quantity and price if the quantity demanded can be represented by the
𝑄𝑄𝑑𝑑 = 1800 + 0,6 𝑃𝑃 and quantity supplied can be represented by𝑄𝑄𝑠𝑠 = 7200 − 0,2 𝑃𝑃.
Question 3 (6)
(3a) When a local shop, called Burger Boet, decreases the price of hamburgers from R 40 to R 35, the
quantity of the hamburgers demanded increases from 800 to 1 150. What is the price elasticity of
demand for a burger at Burger Boet?
(3b) How can Burger Boet increase its total revenue made from hamburgers, based on the price
elasticity of the demand for hamburgers?
Question 4 (6)
(4a) When Sophie’s income increases from R12 000 to R16 000 per month, the quantity of petrol
demanded for her car increased from 40 litres to 45 litres per month. Calculate Sophie’s income
elasticity of demand for petrol.
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