ECS1501 – ASSESSMENT 5 – Q&A – S2 - 2023
Started on Thursday, 21 September 2023,
State Finished
Completed on Thursday, 21 September 2023,
Time taken
Marks 15.00/15.00
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
Refer to the following graph of supply and demand curves for a hypothetical market.
1
, ECS1501 – ASSESSMENT 5 – Q&A – S2 - 2023
Suppose that equilibrium price in this market were to remain at P2 while equilibrium quantity increases to Q4. Which of the
following could account for such a change?
- an increase in the price of a substitute combined with a technological innovation reducing production costs.
- an increase in the price of a complement combined with an increase in the price of a factor of production.
- an increase in income, assuming this is a normal good.
- an increase in the price of a complement combined with a decrease in the price of a factor of production.
Feedback
To answer this question, one must draw the different scenarios given in each of the alternatives.
For example, “an increase in income, assuming this is a normal good”.
2
Started on Thursday, 21 September 2023,
State Finished
Completed on Thursday, 21 September 2023,
Time taken
Marks 15.00/15.00
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
Refer to the following graph of supply and demand curves for a hypothetical market.
1
, ECS1501 – ASSESSMENT 5 – Q&A – S2 - 2023
Suppose that equilibrium price in this market were to remain at P2 while equilibrium quantity increases to Q4. Which of the
following could account for such a change?
- an increase in the price of a substitute combined with a technological innovation reducing production costs.
- an increase in the price of a complement combined with an increase in the price of a factor of production.
- an increase in income, assuming this is a normal good.
- an increase in the price of a complement combined with a decrease in the price of a factor of production.
Feedback
To answer this question, one must draw the different scenarios given in each of the alternatives.
For example, “an increase in income, assuming this is a normal good”.
2
