ECS1501 ASSIGNMENT 5 OF SEMESTER 1 2024. LATEST 2024 UPDATE

ECS1501 ASSIGNMENT 5 OF SEMESTER 1 2024. LATEST 2024 UPDATE 1 Dashboard Calendar Dashboard / My courses / ECS1501 -23-S1 / Assessments / Assessment 5 Started on Wednesday, 26 April 2023, 8:43 AM State Finished Completed on Wednesday, 26 April 2023, 9:19 AM Time taken 36 mins 12 secs Marks 15.00/15.00 Grade 100.00 out of 100.00 Question 1 Complete Not graded I confirm. I do not confirm. 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. If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither receive marks for the question nor will you lose marks for choosing this option. Note, that you will lose 50% of the mark for this question if you choose the incorrect option. Question 2 Complete Mark 1.00 out of 1.00 Suppose we observe that the equilibrium quantity of a particular good has increased significantly over the past 5 years, with virtually no change in the equilibrium price. The most likely explanation is that, over the past 5 years, both supply and demand have increased. Dashboard Calendar Dashboard / My courses / ECS1501 -23-S1 / Assessments / Assessment 5 True False Unsure An increase in demand is shown by a rightward shift of the demand curve leading to an increase in the equilibrium price and the equilibrium quantity. The increase in supply leads to a rightward shift of the supply curve and the equilibrium price decreases and the equilibrium quantity increases. Thus, the equilibrium price can either increase, decrease or stay the same (see diagram below) while the equilibrium quantity will increase.