ECS1501 Exam Pack 2021

Question 2 (2) Calculate the equilibrium quantity and price if the quantity demanded can be represented by the = 1800 + 0,6 and quantity supplied can be represented by = 7200 − 0,2 . Question 3 (6) (3a) When a local shop, called Burger Boet, decreases the price of hamburgers from R40 to R35, the quantity of the hamburgers demanded increases from 800 to 1 150. What is the price elasticity of demand for a burger at Burger Boet? (3b) How can Burger Boet increase its total revenue made from...

Question 2 (2) Calculate the equilibrium quantity and price if the quantity demanded can be represented by the = 1800 + 0,6 and quantity supplied can be represented by = 7200 − 0,2 . Question 3 (6) (3a) When a local shop, called Burger Boet, decreases the price of hamburgers from R40 to R35, the quantity of the hamburgers demanded increases from 800 to 1 150. What is the price elasticity of demand for a burger at Burger Boet? (3b) How can Burger Boet increase its total revenue made from...

ECS1501 Exam Pack 2021

Questions and Answers from past exam papers. Includes Definitions, Short Questions, and Long questions. Ideal for exam revision and practice.