ECS1501 – ASSESSMENT 4 – EXPECTED QUESTIONS AND ANSWERS - 2024
Assessment 4
Started on Friday, 1 September 2023,
State Finished
Completed on Friday, 1 September 2023,
Time taken
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
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
A market demand is
- a summation of individual supply curves.
- not responsive to change in tastes and preferences.
- a summation of individual demand curves.
- determined solely by the number of buyers and sellers in the market.
Feedback
The market demand aggregates the total quantity demanded by all individuals at
each particular price level. Individual demand is concerned about the quantity
demanded by each individual at each particular price level.
1
, ECS1501 – ASSESSMENT 4 – EXPECTED QUESTIONS AND ANSWERS - 2024
Question 3
If Sandile experiences a decrease in his income, we would expect that, as a
result, Sandile’s demand for
- normal goods will decrease.
- luxury goods will increase.
- each good he purchases will remain unchanged.
- inferior goods will decrease.
Feedback
If Sandile experiences a decrease in his income, we would expect that, as a result,
Sandile’s demand for normal goods will decrease.
Question 4
If the price of a substitute to good X increases, then the
- demand for good X will increase.
- quantity demanded for good X will increase.
- market price of good X will decrease.
- demand for good X will decrease.
Feedback
Let's assume that good X and good Y are substitutes. An increase in the price of Y
will cause the quantity demanded of Y to drop. Consumers will switch to good X and
the demand for good X will therefore increase or shift to the right.
Question 5
You love pecan nuts. You hear on the news that 60 % of the pecan nut crop in
the Limpopo Province has been wiped out, which will cause the price to triple
by the end of the year. As a result,
- your demand for pecan nut butter will decrease by the end of the year.
- your demand for pecan nuts falls as you look for a substitute good.
- the quantity pecan nuts demanded by you will decrease by the end of the year.
2
Assessment 4
Started on Friday, 1 September 2023,
State Finished
Completed on Friday, 1 September 2023,
Time taken
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
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
A market demand is
- a summation of individual supply curves.
- not responsive to change in tastes and preferences.
- a summation of individual demand curves.
- determined solely by the number of buyers and sellers in the market.
Feedback
The market demand aggregates the total quantity demanded by all individuals at
each particular price level. Individual demand is concerned about the quantity
demanded by each individual at each particular price level.
1
, ECS1501 – ASSESSMENT 4 – EXPECTED QUESTIONS AND ANSWERS - 2024
Question 3
If Sandile experiences a decrease in his income, we would expect that, as a
result, Sandile’s demand for
- normal goods will decrease.
- luxury goods will increase.
- each good he purchases will remain unchanged.
- inferior goods will decrease.
Feedback
If Sandile experiences a decrease in his income, we would expect that, as a result,
Sandile’s demand for normal goods will decrease.
Question 4
If the price of a substitute to good X increases, then the
- demand for good X will increase.
- quantity demanded for good X will increase.
- market price of good X will decrease.
- demand for good X will decrease.
Feedback
Let's assume that good X and good Y are substitutes. An increase in the price of Y
will cause the quantity demanded of Y to drop. Consumers will switch to good X and
the demand for good X will therefore increase or shift to the right.
Question 5
You love pecan nuts. You hear on the news that 60 % of the pecan nut crop in
the Limpopo Province has been wiped out, which will cause the price to triple
by the end of the year. As a result,
- your demand for pecan nut butter will decrease by the end of the year.
- your demand for pecan nuts falls as you look for a substitute good.
- the quantity pecan nuts demanded by you will decrease by the end of the year.
2
