30 Questions
What is the percentage weight of the final written examination in the total course mark?
70%
How many types of assessment are there in this course?
Two
What constitutes 30% of the total course score?
Tutor-Marked Assignments
How many hours is the final written examination expected to last?
3 hours
Where can students find the assignment questions for this course?
In the Assignments File
How many Tutor-Marked Assignments are there in this course?
Four
What percentage of the total course grade is the final examination worth?
70%
How many assignments are there in total for the course?
4
What percentage of the total course grade are the best 3 out of 4 assignments worth?
30%
How many weeks does the course last in total?
15 weeks
Which module covers the topic of Price Determination?
Module 3
Which module covers the topic of Theory of Consumer Behavior?
Module 4
What is the income effect?
The effect of a change in price on consumer purchasing power
How can an increase in petrol price affect household consumption?
By causing households to cut down on other items to afford the same petrol quantity
What is quantity demanded defined as?
The quantity of goods consumers are willing and able to buy at any price
How does the income effect impact consumer behavior?
By causing consumers to cut down on the quantity of goods they purchase
What do households do when faced with rising petrol prices, according to the text?
Reduce their consumption of other items to afford the same amount of petrol
How does switching to substitute products relate to the income effect?
It helps maintain consumer purchasing power when prices increase
What is the primary focus of the basic economics principles discussed in the unit?
Interrelationship between concepts in economics
Why is it important to allocate resources correctly in an economy?
To ensure the most benefit is derived from the chosen alternative
In economics, the concept of 'opportunity cost' refers to:
The value of the best alternative forgone when a choice is made
What determines whether an individual's choice is rational or irrational according to the text?
Correct ways to achieve an objective
Which of the following accurately characterizes the interdependency mentioned in the text?
The interrelationship of individuals, businesses, and government is crucial in an economy
Why are human interactions with business and government emphasized in achieving objectives?
To understand how different entities impact resource allocation
What is the primary reason given for the increase in commodity prices?
The rise in petrol prices affected the transportation costs for market traders.
What is the likely consequence of an expected future price rise?
Panic buying will occur as consumers try to buy goods before prices go up.
Which income group was most affected by the increase in petrol prices?
The low income group
What is the likely result of panic buying?
Sellers will hoard goods, forcing buyers to pay higher prices.
In the example given, are Close-up and Dabur Herbal toothpastes considered substitutes or complements?
Substitutes, as consumers are choosing between the two brands.
What is the likely reason for most customers visiting the Dabur Herbal toothpaste shelf?
Dabur Herbal toothpaste is cheaper than Close-up.
Learn about the importance of time management to avoid falling behind in your work. Understand the two types of assessment in the course: TutorMarked Assignments and written examinations. Discover how to effectively apply information, knowledge, and techniques gathered during the course in your assignments.
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