ECS2601 - ASSESSMENT 3 - EXPECTED QUESTIONS AND ANSWERS - 2024

ECS2601 – ASSESSMENT 3 – EXPECTED QUESTIONS AND ANSWERS - 2024


Started on Sunday, 1 October 2023,
State Finished
Completed on Sunday, 1 October 2023,
Time taken
Marks 24.00/30.00
Grade 80.00 out of 100.00


Question 1
If the supply equation is given as QS = -200 + 10P , the price elasticity of supply
between R40 and R50, calculated using the arc elasticity of demand, is …

a.

0.56.

b.
0.6.

c.
2.0.

d.
1.8.



Question 2
Microeconomics is a study that focuses on ……….. units of consumers, firms,
workers and government.

a.
Individual

b.
non-competitive

c.
aggregate

d.


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, ECS2601 – ASSESSMENT 3 – EXPECTED QUESTIONS AND ANSWERS - 2024


Competitive


Question 3
If the supply equation is given as Q = -100 + 10P the price elasticity of supply
between R15 and R25, calculated using the arc elasticity of supply, is
…………….

a.
2.0

b.
0.5

c.
2.5

d.
1.0



Question 4
A decrease in the price of a product from R5 to R2 causes the quantity
demanded to increase from 100 to 200 units. Using the arc elasticity of
demand, the price elasticity of demand is …

a.
– 0.58

b.
0.77

c.
– 0.82

d.
– 1.29




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