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ECS1501 Assignment 6 (QUIZ) Semester 1 2023 (658965)
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ECS1501 Assignment 6 (QUIZ) Semester 1 2023 () ECS1501 Assignment 6 (QUIZ) Semester 1 2023 () ECS1501 Assignment 6 (QUIZ) Semester 1 2023 ()
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ECS1501 Assignment 6 (QUIZ)Semester 1 2023 (658965)
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Started on Wednesday, 3 May 2023, 12:40 AM
State Finished
Completed on Wednesday, 3 May 2023, 12:51 AM
Time taken 10 mins 58 secs
Marks 14.00/15.00
Grade 93.33 out of 100.00
Question 1
Complete
Not graded
I confirm
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 confirm.
I do not confirm.
Question 2
Complete
Mark 1.00 out of 1.00
If the price elasticity of demand for Omo washing powder is 3.0, a ________ drop in price leads to a __________ rise in the quantity demanded.
12 per cent; 36 per cent
12 per cent; 4 per cent
R1 000; 333-unit
R1 000; 3000-unit
If the price elasticity of demand for Omo washing powder is 3.0, it means the percentage change in quantity demanded is 3 times bigger than the
percentage change in price.
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Question 3
Complete
Mark 1.00 out of 1.00
Price elasticity of demand gives us a measure of how sensitive or responsive the ________ of a good or service is to a change in the _________
of a good or service.
demand; price
price; quantity demanded
price; demand
quantity demanded; price
This question assessed your definition of the price elasticity of demand: “The price elasticity of demand is the percentage change in quantity
demanded if the price of the product changes by one per cent.” In other words, price elasticity indicates how sensitive or responsive quantity
demanded is to a change in price.
Question 4
Complete
Mark 1.00 out of 1.00
Which one of the following statements with regards to price elasticity is correct?
The price elasticity of demand provides us with a measure of how sensitive or responsive the price of a good or service is to a change in
demand.
If you know what the price elasticity of petrol is, all you will be able to say is that an increase in the price of petrol will reduce the quantity
of petrol demanded.
If you know what the price elasticity of petrol is, you will know how sensitive or responsive the quantity demanded of petrol is to a change
in the price of petrol.
If the price elasticity of good X is greater than the price elasticity of good Y, it means that households are more responsive or sensitive to a
change in the price of good Y than to a change in the price of good X.
This question assessed your definition of the price elasticity of demand: “The price elasticity of demand is the percentage change in quantity
demanded if the price of the product changes by one per cent”. In other words, price elasticity indicates how sensitive or responsive quantity
demanded is to a change in price.
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Question 5
Complete
Mark 1.00 out of 1.00
The price elasticity for the demand for food is most likely to be _____
0,3.
1,8.
2,6.
5,2.
The demand for food tends to be inelastic. The main reason for this is we need food to survive, it is a necessity. Secondly, we know that the
broader the definition of a good, the more inelastic the demand tends to be. Note we are dealing here with the demand for food, which has no
substitutes. If we break food down into different categories of food, for example, chicken and mutton the elasticities would tend to be greater
(substitutes and so on). 0,3 is the only alternative showing a value of less than 1 and is therefore the most likely correct alternative.
Question 6
Complete
Mark 1.00 out of 1.00
If the price elasticity of medical care is 0,31 it can be concluded that the demand for medical care is ________ since the percentage change in
quantity demanded is ________ the percentage in price.
price elastic; greater
price inelastic; greater
price elastic; less
price inelastic; less
The price elasticity of demand of medical care (0,31) is smaller than 1 and is therefore inelastic.
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