9/13/23, 6:05 PM Assessment 2: Attempt review
ECS2601-23-S2 Welcome Message Assessment 2
QUIZ
Started on Wednesday, 13 September 2023, 5:35 PM
State Finished
Completed on Wednesday, 13 September 2023, 6:05 PM
Time taken 29 mins 52 secs
Marks 17.00/20.00
Grade 85.00 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Imagine that there are only three consumers in a particular market for apples:
Andrew, John and Michael. We are interested in the demand for apples. The demand
equations for the three consumers are as follows:
Andrew: Qd = 10 - 2P
John: Qd= 8 - P
Michael: Qd = 14 - 2P
If the price of apples is R3/kg, how much would the demand for the market as a
whole be?
a. 17
b. 22
c. 27
d. 32
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=13311631&cmid=622832 1/8
, 9/13/23, 6:05 PM Assessment 2: Attempt review
Question 2
Complete
Mark 1.00 out of 1.00
The substitution effect of a price decrease for a good with a normal difference curve
pattern is graphed by …
a. doing none of the above because the substitution effect cannot be graphed.
b. drawing a new budget line tangent to the original indifference curve but at
the slope of the new price of the good.
c. drawing a new budget line tangent to the indifference curve attained at the
new price.
d. drawing a new budget line parallel to the initial budget line but tangent to the
indifferent curve attained at the new price.
Question 3
Complete
Mark 1.00 out of 1.00
Which of the following describes the Giffen good case? When the price of the good …
a. rises, the income effect is opposite to and greater than the substitution
effect, and
consumption falls.
b.
falls, the income effect is in the opposite direction to the substitution effect,
and
consumption rises.
c.
falls, the income effect is in the opposite direction to the substitution effect,
and
consumption falls.
d. falls, the income effect is in the same direction as the substitution effect,
and
consumption rises.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=13311631&cmid=622832 2/8
ECS2601-23-S2 Welcome Message Assessment 2
QUIZ
Started on Wednesday, 13 September 2023, 5:35 PM
State Finished
Completed on Wednesday, 13 September 2023, 6:05 PM
Time taken 29 mins 52 secs
Marks 17.00/20.00
Grade 85.00 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Imagine that there are only three consumers in a particular market for apples:
Andrew, John and Michael. We are interested in the demand for apples. The demand
equations for the three consumers are as follows:
Andrew: Qd = 10 - 2P
John: Qd= 8 - P
Michael: Qd = 14 - 2P
If the price of apples is R3/kg, how much would the demand for the market as a
whole be?
a. 17
b. 22
c. 27
d. 32
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=13311631&cmid=622832 1/8
, 9/13/23, 6:05 PM Assessment 2: Attempt review
Question 2
Complete
Mark 1.00 out of 1.00
The substitution effect of a price decrease for a good with a normal difference curve
pattern is graphed by …
a. doing none of the above because the substitution effect cannot be graphed.
b. drawing a new budget line tangent to the original indifference curve but at
the slope of the new price of the good.
c. drawing a new budget line tangent to the indifference curve attained at the
new price.
d. drawing a new budget line parallel to the initial budget line but tangent to the
indifferent curve attained at the new price.
Question 3
Complete
Mark 1.00 out of 1.00
Which of the following describes the Giffen good case? When the price of the good …
a. rises, the income effect is opposite to and greater than the substitution
effect, and
consumption falls.
b.
falls, the income effect is in the opposite direction to the substitution effect,
and
consumption rises.
c.
falls, the income effect is in the opposite direction to the substitution effect,
and
consumption falls.
d. falls, the income effect is in the same direction as the substitution effect,
and
consumption rises.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=13311631&cmid=622832 2/8
