Ecs1501 economics - Study guides, Study notes & Summaries

ECS1501 ASSESMENT 8 2024 A consumer is in equilibrium when a. the marginal utilities per rand spent are equal for all goods purchased. b. his or her marginal utility is at a maximum. c. his or her weighted marginal utility is at a maximum. d. his or her average utility is at a maximum

ECS1501 ASSIGNMENT 6 2024 A perfectly inelastic demand curve is vertical. horizontal. a downward sloping straight line with a slope equal to 1. a curved line along which the product of price and quantity is constant.

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ECS1501 ASSIGNMENT 5 2024 (i) Which of the presenters best describes the market condition that Giant Bicycles faces and explain why you agree with him or her? (ii) Draw a diagram of the bicycle market that illustrates the market conditions discussed in the podcast.

ECS1501 Exam Pack and Notes 100+ questions and Correct answers 2023. 4 Study Unit 1 What Economics is all about Economics is a social science that studies how people use scarce resources to satisfy their unlimited wants. Microeconomics looks at this at an individual, household or firm level while Macroeconomics is a broader look which is an aggregate of all the individuals, households and firms in a given economy. The main aspects in Microeconomic theory are supply, demand, scarcity, c...

ECS1501 - Economics IA Assignment 03 Solutions (Distinction guaranteed)

Exam (elaborations) ECS1501 - Economics IA (ECS1501)

ECS1501 Assignment 6 (QUIZ) Semester 1 2023 (658965)//ECS1501 DEFINITIONS Households - CORRECT ANSW-A household can be described as all people who live together and who make joint economic decisions or who are subjected to others who make such decisions together. Every person in the economy belongs to a household. Firms - CORRECT ANSW-A firm can be described as the unit that employs factor market - CORRECT ANSW-it is the market in which the factors of production are sold and purchase...

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