Ecs1501 assignment 02 Study guides, Study notes & Summaries

ECS1501 ASSIGNMENT 03 SEMESTER 02 ECS1501 3.1 When a price ceiling is imposed in a market [1] a persistent shortage is created. [2] a persistent surplus is created. [3] sellers of the product are made better off. [4] quantity supplied is greater than the quantity demanded. Explanation: The easiest way to answer this question is to draw a diagram of a market and apply the different options to it. From the diagram one can see that if a price ceiling of R2 500 is imposed, quantity deman...

ANSWERS OF ECS1501 ASSIGNMENT PREVIEW OF QUESTION 1 1. 3 Reference: Prescribed book PG 119 Law of demand which indicates that a negative relationship exists between the price of a good or service and the quantity demanded of it. 2. 1 Reference: Prescribed book PG 125 An important property of a demand curve is that it slopes downwards from left to right. This reflects the inverse or negative relationship between the price and the quantity demanded. This downward slope of the demand cu...

Exam (elaborations) ECS1501 - Economics IA (ECS1501) Assignment 02 Semester 01 Year 2022 online responses

2 Study guide and tutorial letters The study guide covers all the academic content of the module, refers you to the prescribed textbook and gives some additional explanations. It is not necessary to study any work other than that specified in the study guide document. It is imperative for your own success to read all the tutorial letters immediately. • This tutorial letter (Tutorial letter 101) contains administrative information about this module as well as the assignments that you...

ECS1501 ASSIGNMENT 03 SUGGESTED ANSWERS (SEMESTER 02 - 2020)

ECS1501 ASSIGNMENT 04 SUGGESTED ANSWERS (SEMESTER 02 - 2020)

ECS1501 ASSIGNMENT 03 SUGGESTED ANSWERS (SEMESTER 02 - 2020)

ECS1501 ASSIGNMENT 02 SUGGESTED ANSWERS (SEMESTER 02 - 2020)

ECS1501 ASSIGNMENT 02 SUGGESTED ANSWERS (SEMESTER 02 - 2020)

ECS1501 ASSIGNMENT 04 SUGGESTED ANSWERS (SEMESTER 02 - 2020)