ECO10A Study guides, Class notes & Summaries

ECO10A Economics IA Microeconomics Assignment 2023 01

ECO10A ECONOMICS I A (MICROECONOMICS) MODEL ANSWERS FOR ASSIGNMENT QUESTIONS

Wants are numerous (unlimited), while the available means to satisfy these needs are scarce (limited). e. i. The production possibilities curve. ii. The origin (Here the two axes [horizontal and vertical] cross [or intersect] at the value 0.) iii. The horizontal line (the “flat” line from left at the origin to right in the graph) is called the horizontal axis (or x-axis). In this module, we will only work with positive values (like 1, 2, 3, 4, etc). To the right of the origin (the va...

ACTIVITY 1.1 Note: Solutions to the questions marked with an asterisk (*) are provided at the end of this study unit. (a) Define economics (in one sentence). (b) What is the difference between wants and demand (in one or two sentences)? (c)* In Table 1-1 below, indicate by means of a tick in the appropriate column, which of the items are needs and which are wants.

QUESTION 6 6.1. A positive change in taste of mussels will result in a shift to the right/up on the demand curve. Both the equilibrium price and equilibrium quantity will increase (move from 1 to 2 – showing that the price and quantity of the mussels have gone up)

ECO10A - CHAPTER 4 - NOTES & SUMMARIES

ECO10A - Chapter 6 - notes & summaries

ECO10A - CHAPTER 3 - NOTES & SUMMARIES

ECO10A chapter 7 - notes & summaries

ECO10A - CHAPTER 1 -NOTES & SUMMARIES