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ECS1501-25-Y
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The opportunity cost of online study material is zero because there is no prescribed book for ECS1501.
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Economics is the study of the abundance of resources.
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Wants, needs and demand are the three main elements of the basic economic problem.
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Economics is
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Interest is the income earned by the production factor capital.
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Opportunity cost causes the scarcity problem.
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A good with an income elasticity of demand which is positive but less than one is classified as an inferior good.
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In South Africa the income elasticity of the demand for biltong for high-income households has been estimated at 1,36. This implies that biltong is a normal good and also a luxury good.
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Income elasticity of demand is a measure of the responsiveness of quantity demanded to changes in consumers' incomes.
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A 10 percent increase in the price of spinach results in a 20 percent decrease in the quantity of spinach demanded. What is the price elasticity of demand for spinach?
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