ECS1501 Exam Pack 2021

ECS1501 Exam Pack 2017- 2021 Last document update:   ago

Question 2 (2) Calculate the equilibrium quantity and price if the quantity demanded can be represented by the = 1800 + 0,6 and quantity supplied can be represented by = 7200 − 0,2 . Question 3 (6) (3a) When a local shop, called Burger Boet, decreases the price of hamburgers from R40 to R35, 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...

ECS1501 Exam Pack 2017- 2021 Last document update:   ago

Question 2 (2) Calculate the equilibrium quantity and price if the quantity demanded can be represented by the = 1800 + 0,6 and quantity supplied can be represented by = 7200 − 0,2 . Question 3 (6) (3a) When a local shop, called Burger Boet, decreases the price of hamburgers from R40 to R35, 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...