ECS2601 Assignment 1 Semester 1 2026 (355622)

Intermediate Microeconomics - ECS2601 Assignment 1 Semester 1 2026 (Unique Number: 355622) - Due Date 19 March 2026; 100 % TRUSTED workings, Expert Solved, Explanations and Solutions. For assistance call or W.h.a.t.s.a.p.p us on ...(.+.2.5.4.7.7.9.5.4.0.1.3.2)........... ECS2601 (Semester 1) ASSIGNMENT 01 DUE DATE: 19 March 2026 UNIQUE NUMBER: 355622 Dear Student, INSTRUCTIONS Answer all four (4) of the questions and show your calculations. Please do not use this document as a template on which to fill in your answers. Submit your answers on a separate document and make sure to check your numbering. Also remember to include your name and student number on the front page of your submission, and preferably on each page of your answer sheet. All the assignments for ECS2601 are strictly individual assignments! This means you are NOT allowed to work in groups or make use of any human assistance. Indications of plagiarism and/or cheating will be dealt with according to the University’s Disciplinary Processes. All the best with the assignment! This assignment covers: Learning units 1 to 4 and 6 Question 1: (10 marks) 1.1 In your own words, explain how you understand the working of the market mechanism. (2) 1.2 Differentiate between any two of the following concepts: (a) (b) (c) (d) Completeness and transitivity in relation to consumer choices Inferior product versus a Giffen good Infinite elastic and complete inelastic demand Ordinal versus cardinal rankings (4) 1.3 Discuss the likely shape the indifference curves related to the following items will have (makes sure to also include a graph in your explanation): (4) (a) (b) A household’s choice of buying any two consumables per week. Left and right boxing gloves Question 2: (10 marks) 2.1 Jason spends all his income on two items namely food and transport. The prices of food and transport are