Consider the following list of statements. Each statement is either true or false. You must read...

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Consider the following list of statements. Each statement is either true or false. You must read each statement carefully and then select the option that you believe is correct as your answer. Write down only the question number and next to the number either "True" or "False" Example: If you believe sub-question 1.11 is true, then write down: 1.11. True. 1.1. 1.2. 1.3. 1.4. 1.5. 1.6. 1.7. 1.8. 2.2. 2.3. 1.9. 2.1. Supply can be defined as the quantities of a good or service that producers plan to sell at eac possible price during a certain period. Revenue is the total value of a firm's sales and is equal to the price of the product multiplied by th quantity sold. C 1.10. A perfectly competitive firm has a downwards-sloping demand curve. Economics is a social science. (1) Other things being equal (ceteris paribus), the higher the price of a good, the higher the quantity demanded. (1) In the short run, a firm can expand output by increasing the quantity of its fixed and variable inputs. (1) (1) Question 2 [15] The production factors are land, capital, labour and money. The cross elasticity of demand measures the responsiveness of the quantity demanded of a particular good to changes in the price of a related good. (1) Unitary elasticity occurs when the percentage change in the quantity demanded is exactly equal to the percentage change in price. (1) The law of substitution states that the scarcer a good becomes, the greater its substitution value wil be. (1 Define the following concepts or terms: 7.1. Marginal utility 7.2. Monopoly 7.3. Income elasticity of demand 7.4. Human capital 7.5. The law of demand 7.6. Indifference curve There are different types of goods and services in the economy. Explain the difference betw intermediate goods and final goods, and provide relevant examples of each. An economic system is a pattern of organisation which is aimed at solving the three ce economic questions. List and provide a short explanation of these three central economic quest of Formative Asses Consider the following list of statements. Each statement is either true or false. You must read each statement carefully and then select the option that you believe is correct as your answer. Write down only the question number and next to the number either "True" or "False" Example: If you believe sub-question 1.11 is true, then write down: 1.11. True. 1.1. 1.2. 1.3. 1.4. 1.5. 1.6. 1.7. 1.8. 2.2. 2.3. 1.9. 2.1. Supply can be defined as the quantities of a good or service that producers plan to sell at eac possible price during a certain period. Revenue is the total value of a firm's sales and is equal to the price of the product multiplied by th quantity sold. C 1.10. A perfectly competitive firm has a downwards-sloping demand curve. Economics is a social science. (1) Other things being equal (ceteris paribus), the higher the price of a good, the higher the quantity demanded. (1) In the short run, a firm can expand output by increasing the quantity of its fixed and variable inputs. (1) (1) Question 2 [15] The production factors are land, capital, labour and money. The cross elasticity of demand measures the responsiveness of the quantity demanded of a particular good to changes in the price of a related good. (1) Unitary elasticity occurs when the percentage change in the quantity demanded is exactly equal to the percentage change in price. (1) The law of substitution states that the scarcer a good becomes, the greater its substitution value wil be. (1 Define the following concepts or terms: 7.1. Marginal utility 7.2. Monopoly 7.3. Income elasticity of demand 7.4. Human capital 7.5. The law of demand 7.6. Indifference curve There are different types of goods and services in the economy. Explain the difference betw intermediate goods and final goods, and provide relevant examples of each. An economic system is a pattern of organisation which is aimed at solving the three ce economic questions. List and provide a short explanation of these three central economic quest of Formative Asses

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Solution 1 11 True 12 False 13 False 14 False 15 True 16 True 17 False 18 True 19 True 110 True Solution 2 21 71 Marginal utility It is the addition in consumers utility derived from the consumption o... View the full answer