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ECS1501 ASSIGNMENT 4 SEMESTER 2 2023 (100%)
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Microeconomics exam revision notes
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ECS1501 ASSIGNMENT 4(FOUR)
SEMESTER 2 2023
ECS1501
ASSIGNMENT 4 (FOUR)
SEMESTER 2
2023
,Assessment 4: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=129
2023 ECS1501-23-S2 Assessments Assessment 4
QUIZ
Started on Sunday, 3 September
2023, 1:11 PM
State Finished
Completed on Sunday, 3 September
2023, 1:40 PM
Time taken 28 mins 25 secs
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
Complete
Not graded
I con�rm
that this assessment will be my own
individual work;
that I will not communicate with anyone
else in any way during the completion of
this assessment;
that I will not cheat in any way in
completing and submitting this
assessment.
I con�rm.
I do not con�rm.
1 of 14 9/3/2023, 2:08
,Assessment 4: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=129
Question 2
Complete
Mark 1.00 out of 1.00
A higher price for hot dogs would result in
a
increase in the demand for hot dog
buns.
decrease in the demand for hot dogs
____
decrease in the demand for hot dog
buns.
increase in the demand for hot dogs.
An increase in the price of hot dogs will
lead to a decrease in the quantity
demanded of hot dogs (therefore an
upward movement along the demand
curve for coffee). Less hot dogs are sold,
so less hot dog rolls are need - the
demand for hot dog rolls decreases.
Question 3
Complete
Mark 1.00 out of 1.00
A market demand curve re�ects
when the buyers are willing to buy the
most.
how quantity demanded changes
when the number of buyers changes.
the fact that the level of income is
inversely related to quantity
demanded.
how much buyers are willing and able
to buy at each possible price.
The demand for a product depends on two
conditions: i) intent – there must be a
willingness to buy, and ii) means to buy
– you must have the income or purchasing
power. In general, we refer to demand as
the quantities of a good or service a
consumer is willing and able to buy.
2 of 14 9/3/2023, 2:08
,Assessment 4: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=129
Question 4
Complete
Mark 0.00 out of 1.00
The quantities of the good buyers are
willing and able to purchase is called the
quantity supplied.
supply.
demand.
quantity demanded.
The quantities of the good buyers are
willing and able to purchase is called the
demand. See the de�nition of demand.
Question 5
Complete
Mark 1.00 out of 1.00
The law of demand states that, other
things equal, an increase in
quantity demanded causes price to
decrease.
quantity demanded causes price to
increase.
price causes quantity demanded to
increase.
price causes quantity demanded to
decrease.
The law of demand states that, other
things equal, an increase in price causes
the quantity demanded to decrease.
3 of 14 9/3/2023, 2:08
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