Exam (elaborations)
ECS2601 ASSESSMENT 1 OF 2023 SEM 1 EXPECTED QUESTIONS AND ANSWERS
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THIS ECS2601 ASSESSMENT 1 OF 2023 SEM EXPECTED ANSWERS HAS BEEN CAREFULLY PREPARED ENSURING THAT YOU SCORE ABOVE 75%
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By: oscardiura • 1 year ago
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Started on Tuesday, 28 March 2023, 9:38 AMState Finished
Completed on Tuesday, 28 March 2023, 10:04 AM
Time taken 26 mins 12 secs
Marks 19.00/20.00
Grade 95.00 out of 100.00 OSCAR THE TUTOR
oscardiura@gmail.com
0844708483
Question 1
for FAC, MAC,ECS,DSC,TAX,QMI,FIN BNU,MNB tutoring
Complete
Mark 1.00 out of 1.00
The income elasticity of an inferior good is …
a. 1 because the increased income offsets the desire to consume less of the good because it is inferior.
b.
negative because as people get richer they increase their purchases of the good by smaller and smaller amounts.
c. greater than 1 because the richer you get, the less you consume of the good.
d.
negative because higher income leads to a reduction in the amount consumed of the product.
Question 2
Complete
Mark 1.00 out of 1.00
Which of the following statements is FALSE?
a. Income elasticity of demand is positive for normal goods.
b. Price elasticity of supply is positive for most products.
c. Cross elasticity of demand is positive between complements.
d. Price elasticity of demand is negative for most products.
, Question 3
Complete
Mark 1.00 out of 1.00
Consider the following demand and supply functions:
Demand: Qd = 300 – 15P.
Supply: Qs = –150 + 60P.
What is the equilibrium price and output?
a. P = R3.33 and Q = 200.
b. P = R10 and Q = 150.
c. P = R6 and Q = 210.
d. P = R2 and Q = 540.
Question 4
Complete
Mark 1.00 out of 1.00
In the long run, all costs are fixed.
Select one:
True
False
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