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ECS1501 ASSIGNMENT 6 FOR 2024 - Distinction obtained
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ECS1501 ASSIGNMENT 6 FOR 2024
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ECS1501ASSIGNMENT 6 FOR 2ND SEMESTER 2024
FEND TUTORIALS
, Started on Tuesday, 6 August 2024, 8:08 AM
State Finished
Completed on Tuesday, 6 August 2024, 8:30 AM
Time taken 21 mins 45 secs
Marks 12.00/12.00
Grade 100.00 out of 100.00
Question 2
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Which one of the following statements with regards to price elasticity is correct?
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.
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.
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.
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A perfectly inelastic demand curve is
a curved line along which the product of price and quantity is constant.
horizontal.
a downward sloping straight line with a slope equal to 1.
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