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ECS1501 ASSIGNMENT 6 SEMESTER 2 - 2022
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Ecs1501 Assignment 4 Semester 1 2023
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Macroeconomics 1st year [University] Notes [ECO10B]
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ECS1501 Assignment 04 semester 01 2023 Exam (elaborations) ECS1501 - Economics IA Economics for South African Students, ISBN: 9780627033421
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, Queston 1Complete
The market for good A is in equilibrium. Then a technological innovation reduces the cost of production of
Mark 1.00 out of
good A and, simultaneously, the price of a complement good increases. The equilibrium price of good A will
100
increase and the equilibrium quantity will either increase, decrease, or stay the same,
F Flag question
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to quess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option,
True
False
Unsure
Question 2
Complete
Jenga is a popular game where the players have to remove and replace blocks to build a higher (and more
Mark 1.00 out of
unstable) tower. Jenga blocks are made of wood. If there is an increase in the price of a substitute for jenga
1.00
and, simultaneously, an increase in the price of wood, the equilibrium price of jenga will either increase,
¥ Flag question
decrease, or stay the same, and the equilibrium quantity will decrease.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
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.
True
False
Unsure
, Question 3
Complete
Ina competitive market, supply and demand decrease simultaneously. The effect on equilibrium quantity is
Mark 1.00 out of
uncertain, but the equilibrium price will increase,
1.00
Flag question
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
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 aption.
a. True
b. False
c. Unsure
Question 4
Complete
Oil is the main component in the manufacture of plastic bags. If the price of oll were to increase, the price of
Mark 1.00 out of
plastic bags would increase and the quantity would decrease.
1.00
¥ Flag question
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
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.
True
False
Unsure
, Question 5
Complete
Two things occur simultaneously in the market for good A: 1. there is an increase in the price of an important
Mark -0.50 out of
input in the production of good A and, 2. there is a decrease in the price ofa complement of good A. As a
1.00
result, the equilibrium price of good A will decrease and the equilibrium quantity of good A will either increase,
F Flag question
decrease, or stay the same.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
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.
True
False
Unsure
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