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ECS2601 Assignment_1_Solution Guidelines
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Assignment 1 Semester 2 Solution Guidelines 1. An improvement in technology tends to reduce the supply (shift it to the left). 1. True 2. False The correct option is 2. Technology tends to increase the supply (shift the curve to the right) by increasing productivity, in other words it increases output per unit of input. 2. The market supply curve is the vertical summation of all the individual supply curves. 1. True 2. False The correct option is 2. The market supply is the horizontal summation of the individual supply curves, for each price; it represents the sum of all the individual quantities supplied. 3. A normal good is one for which the income elasticity is greater than one
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ECS2601
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ECS2601
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- June 8, 2023
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- 2022/2023
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ecs2601 assignment1solution guidelines
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