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    HECO130 1 July Dec2023 FA1 RJK V2 26062023

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    HECO130 1 July Dec2023 FA1 RJK V2 26062023

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    hlengiwebeauty
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    HECO130-1-July-Dec2023-FA1-RJK-V2-26062023

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    26 views5 pages

    HECO130 1 July Dec2023 FA1 RJK V2 26062023

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    hlengiwebeauty

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    © All Rights Reserved
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    of 5

    HIGHER EDUCATION PROGRAMMES

    Academic Year 2023: July - December


    Formative Assessment 1: Economics 1 (HECO130-1)
    NQF Level, Credits: 5, 16
    Weighting: 20%
    Assessment Type: Essay Questions
    Educator: R. Kisten
    Examiner: R. Kisten

    Due Date: 08 September 2023

    Total: 100 marks

    Instructions:

    • This paper consists of two sections, Sections A & B


    • Section A has four (4) questions and Section B has four (4) questions.
    • It is based upon Units 1-8 of your prescribed Economics 1 textbook.
    • All questions are compulsory.
    • Convert all answers to two (2) decimal places where applicable
    • Show all your calculations where applicable.
    • Hand-drawn diagrams are acceptable
    • A Copyleaks report is not required for this assessment
    • Your assessment must be typed using:
    o Font: Arial
    o Font size: 12
    o Line spacing: 1.5

    1 HECO130-1-July-Dec2023-FA1-RJK-V2-26062023
    SECTION A [55 marks]

    QUESTION 1 (10 Marks)

    1.1) Convert the following decimals into a percentage:


    a) 0.66 (1 mark)
    b) 1.75 (1 mark)
    c) 0.015 (1 mark)
    d) 0.001 (1 mark)

    1.2) The revenue of Thabo’s enterprise over two years is shown below. Calculate
    the percentage change in revenue from 2021 to 2022

    Year 2021 2022


    Revenue R1 500 000 R 1800 000

    (3 Marks)

    1.3) Simplify the following ratios:


    a) 150:500 (1 mark)
    b) 35:90:145 (1 mark)
    c) 1600:2400 (1 mark)

    QUESTION 2 (15 Marks)

    2.1) Simplify the expression: 12x – 14(10x-5x+16) + 2x (3 Marks)

    5 3
    2.2) Solve the expression: 𝑥 + 9 = (3 Marks)
    27

    2.3) Change the subject of the formula to 𝑧 = 24𝑣 + 𝑥𝑢 to 𝑣 (3 Marks)

    125𝑥6 𝑦4
    2.4) Simplify the expression: (3 Marks)
    5𝑥4 𝑦2

    2.5) A rectangle has the following dimensions: Length (25cm), Width(10cm).

    Calculate the perimeter. (3 Marks)

    2 HECO130-1-July-Dec2023-FA1-RJK-V2-26062023
    QUESTION 3 (15 Marks)

    3.1) Using the following coocrdinates (8,12) ; (2,3), calculate the gradient. (3 Marks)

    3.2) Using the marginal income (MI) function, MI = 24Q, calculate the marginal
    income if 50 550 units of coal were sold. (2 Marks)

    3.3) Johan has a clothing business. He made a bulk purchase of 1600 units of
    clothes from the local manufacturer. The manufacturer made a gross profit of R8000
    on this sale. Using the functions below, calculate the settlement discount assuming
    the percentage settlement discount granted = x.

    Total revenue = 8Q; Variable cost = 2Q

    (6 Marks)

    3.4) Solve the following simultaneous equation using the substitution method:
    12𝑥 + 4𝑦 = 140 ……(1)
    6𝑥 − 10𝑦 = 24 ……(2)

    (4 Marks)

    QUESTION 4 (15 Marks)

    4.1) Line graphs are used when the figures on the x-axis are continuous overtime.
    What are some examples of common uses for line graphs (2 Marks)

    4.2) The following table shows the number of resturants in different categories
    according to google review over a period of two years, 2019 and 2020:

    Review 2019 2020


    1 star 7 15
    2 star 15 20
    3 star 29 39
    4 star 20 24
    5 star 13 10

    3 HECO130-1-July-Dec2023-FA1-RJK-V2-26062023
    From the date above, create a neat compound bar graph showing the number of
    resturants in each category over the two years. (7 Marks)

    4.3) Using the information from the graph in question 4.2, which star review obtained
    the highest percentage increase. (6 Marks)

    SECTION B [45 marks]

    QUESTION 5 (8 Marks)

    5.1) In your own words, describe economics as a social science. (2 Mark)

    5.2) When individuals are faced with different options, or alternatives, and scarce
    resources, people often have to sacrifice one option or alternative to pursue another.
    What is this called? (1 Mark)

    5.3) Economic choices are often made based on market demand. Consider the
    following goods, wine and rice. In China, there is a grater demand for rice than wine
    and in the United Kingdom, there is a greater demand for wine than rice. The
    opportunity costs for both countries are constant. Using this information, illustrate the
    product possibility curves for both nations on a single graph. Please note that the use
    of imaginary figures is not necessary (5 Marks)

    QUESTION 6 (10 Marks)

    6.1) In a free-market economy, the price mechanism fulfils various functions. Identify
    and describe each function. (6 Marks)

    6.2) Describe the different types of factors of production. (4 Marks)

    QUESTION 7 (15 Marks)

    7.1) Demand as an equation is made up of various determinants. Identify each of


    these determiants. (6 Marks)

    4 HECO130-1-July-Dec2023-FA1-RJK-V2-26062023
    7.2) Determine what would happen to each individual’s demand curve if the following
    should occur:

    a) Zack got a raise in his allowance. (2 Marks)

    b) Debra substituted coke for pepsi following a decrease in the price of pepsi. Both
    products are normal goods. (2 Marks)

    7.3) Discuss the effects of setting a price ceiling and a price floor on a
    product/service. (5 Marks)

    QUESTION 8 (12 Marks)

    The following graph represents the income elasticity of demand for gold balls. The x-
    axis represents an increase in income of consumers and the y-axis represents the
    quantity of golf balls.

    Using the information above, describe the purchasing behaviour of a consumer


    represented by each section of the demand curve A to D.

    5 HECO130-1-July-Dec2023-FA1-RJK-V2-26062023

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