Intermediate Microeconomics (ECS2601)

ECS2601 ASSIGNMENT 3 SEMESTER 2 2024 Consider the following demand and supply functions: Demand: Qd = 440 - 40P, Supply: Qs = -120 + 40P. What is the equilibrium price and output? a. P = R3.33 and Q = 500. b. P = R7 and Q = 160. c. P = R4 and Q = 280. d. P = R3 and Q = 560

ECS2601 ASSESSMENT 3 SEMESTER 2 2024 BMZ Consider the following demand and supply functions: Demand: Qd = 440 - 40P, Supply: Qs = -120 + 40P. What is the equilibrium price and output? a. P = R3.33 and Q = 500. b. P = R7 and Q = 160. c. P = R4 and Q = 280. d. P = R3 and Q = 560. The market supply curve is the vertical summation of all the individual supply curves. Select one: True False

ECS2601 ASSIGNMENT 3 SEMESTER 2 2024

ECS2601 ASSIGNMENT 2 SEMESTER 2 2024 A production function identifies all of the different combinations of inputs that can be used to produce one particular level of output. Select one: a. True b. False 

ECS2601 ASSIGNMENT 2 2024 SEMESTER 2 The income effect of a price decrease … a. refers to the influence of nominal income changes rather than real income changes on consumer purchases. b. measures the effect of both real and nominal income changes on consumer purchases. c. refers to the influence of real income changes rather than nominal income changes on consumer purchases.  d. does not relate to changes in real or nominal income, but rather to the perception of change in the mind of...

ECS2601 ASSIGNMENT 2 SEMESTER 2 2024 (IF YOU DONT GET 100% CONTACT US FOR A REFUND) 100% GUARANTEED Which is true about the output values of a production function? a. They represent only the value added of the two inputs that are represented.  b. They overlook the role of a variable input into production. c. They overlook the role of xed inputs into production. d. They are conceptually awed and of marginal use because they do not consider raw materials as input. The subst...

ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 Assume that the current market price is below the market clearing level. We would expect: a. upward pressure on the current market price. b. downward pressure on the current market price. c. no pressure for the price to change further. d. a surplus to accumulate.

ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 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.

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 value compared to housing for the consumer. c. re ect a preference pattern that generally values housing high, relative to food. d. say nothing relating to how the consumer feels about the two good...