Examen
ECS1501 ASSESSMENT 4 EXPECTED QUESTIONS AND SOLUTIONS
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THIS DOCUMENT CONTAINS ECS1501 ASSESSMENT 4 EXPECTED QUESTIONS AND SOLUTIONS. USING IT CORRECTLY FOR PRACTCE AND AS A GUIDE WILL HELP YOU SCORE ABOVE 75%
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Started on Thursday, 13 June 2024, 4:35 PMState Finished
Completed on Thursday, 13 June 2024, 4:43 PM
Time taken 8 mins 10 secs
Marks 16.00/16.00
Grade 100.00 out of 100.00
Question 1 I confirm
Complete that this assessment will be my own individual work;
Not graded
that I will not communicate with anyone else in any way during the completion of this assessment;
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question that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
Question 2 Excess demand for a good will put downward pressure on the price of the good.
Complete
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
Mark 1.00 out
of 1.00 If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither receive
marks for the question nor will you lose marks for choosing this option.
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True
False
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The statement is false. At any price below the equilibrium price, there is an excess demand for the good, leading to a
shortage. Market forces then drive the price upward to eliminate the shortage and restore equilibrium.
, Adjustment process:
To eliminate the shortage, market forces drive the price upward:
Consumers bid up prices: As consumers compete to purchase the limited supply, they are willing to pay higher
prices.
Quantity demanded decreases: As prices rise, some consumers are no longer willing or able to buy the good,
reducing the quantity demanded.
Quantity supplied increases: As prices rise, producers are more willing to supply the good, increasing the quantity
supplied.
These adjustments continue until the price returns to the equilibrium level, where the quantity supplied equals the
quantity demanded, and the shortage is eliminated.
Question 3 Equilibrium is often observed in our daily lives.
Complete Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
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of 1.00 If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither receive
marks for the question nor will you lose marks for choosing this option.
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question
True
False
Unsure
The statement is false. Market equilibrium, a fundamental concept in economics, occurs when the quantity of goods
supplied equals the quantity of goods demanded at a particular price. However, in the real world things are
continuously changing so is difficult to pinpoint when a market is in equilibruim.
Question 4 A market can only be in equilibrium if the quantity demanded is equal to the quantity supplied.
Complete
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
Mark 1.00 out
of 1.00 If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither receive
marks for the question nor will you lose marks for choosing this option.
, Flag True
question
False
Unsure
The statement is true. A market is considered to be in equilibrium when the quantity of goods supplied equals the
quantity of goods demanded at a particular price.
Question 5 Equilibrium is a balanced situation where all opposite forces are balanced out.
Complete
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
Mark 1.00 out
of 1.00 If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither receive
marks for the question nor will you lose marks for choosing this option.
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question
True
False
Unsure
The statement is true. Equilibrium in a market context refers to a state where all opposing economic forces are
balanced, leading to a stable situation where there is no inherent tendency for change. This balance occurs when the
quantity of goods or services demanded by consumers equals the quantity supplied by producers, resulting in stable
prices and quantities.
Given the demand for a product as Qd = 50 - 8P and the supply is given as Qs = -17,5 + 10P. You are told equilibrium is
obtained at the point where Qd = Qs. The equilibrium price for the product is
Answer: 3.75
, Question 6 At equilibrium dsp
Complete
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Question 7 If the equation for a market demand curve is Qd = 100 – 0,5P and the equation for a market supply curve is Qs = –20 +
Complete P, the market equilibrium price is
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Answer: 80
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question
At equilibrium
Question 8 If the market for bread is described by the following equations Qd=210 - 0,6P and Qs=-96 + 1,1P what is the equilibrium
Complete quantity for bread?
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