ECS2601
Assignment 1 Semester 1 2025
Detailed Solutions, References & Explanations
Unique number: 655050
Due Date: 2 April 2025
QUESTION 1
1.1
In microeconomics, we assume that consumers make decisions based on three key
assumptions. Here are real-life examples to explain them:
1. Consumers have needs and express them as preferences for goods and
services:
For example, a person who enjoys coffee may prefer a specific brand of coffee over others
due to taste or quality. This preference reflects their need for caffeine or enjoyment.
Terms of use
By making use of this document you agree to:
Use this document as a guide for learning, comparison and reference purpose,
Terms of use
Not to duplicate, reproduce and/or misrepresent the contents of this document as your own work,
By making use of this document you agree to:
Use this document
Fully accept the consequences
solely as a guide forshould you plagiarise
learning, reference,orand
misuse this document.
comparison purposes,
Ensure originality of your own work, and fully accept the consequences should you plagiarise or misuse this document.
Comply with all relevant standards, guidelines, regulations, and legislation governing academic and written work.
Disclaimer
Great care has been taken in the preparation of this document; however, the contents are provided "as is" without any express or
implied representations or warranties. The author accepts no responsibility or liability for any actions taken based on the
information contained within this document. This document is intended solely for comparison, research, and reference purposes.
Reproduction, resale, or transmission of any part of this document, in any form or by any means, is strictly prohibited.
Assignment 1 Semester 1 2025
Detailed Solutions, References & Explanations
Unique number: 655050
Due Date: 2 April 2025
QUESTION 1
1.1
In microeconomics, we assume that consumers make decisions based on three key
assumptions. Here are real-life examples to explain them:
1. Consumers have needs and express them as preferences for goods and
services:
For example, a person who enjoys coffee may prefer a specific brand of coffee over others
due to taste or quality. This preference reflects their need for caffeine or enjoyment.
Terms of use
By making use of this document you agree to:
Use this document as a guide for learning, comparison and reference purpose,
Terms of use
Not to duplicate, reproduce and/or misrepresent the contents of this document as your own work,
By making use of this document you agree to:
Use this document
Fully accept the consequences
solely as a guide forshould you plagiarise
learning, reference,orand
misuse this document.
comparison purposes,
Ensure originality of your own work, and fully accept the consequences should you plagiarise or misuse this document.
Comply with all relevant standards, guidelines, regulations, and legislation governing academic and written work.
Disclaimer
Great care has been taken in the preparation of this document; however, the contents are provided "as is" without any express or
implied representations or warranties. The author accepts no responsibility or liability for any actions taken based on the
information contained within this document. This document is intended solely for comparison, research, and reference purposes.
Reproduction, resale, or transmission of any part of this document, in any form or by any means, is strictly prohibited.
