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ECS2601 Assignment 1 Semester 1 Memo | Due 19 March 2026. All questions fully answered. Question 1
1.1. In your own words, explain how you understand the working of the market mechanism.
The market
1.2. Differentiate between any two of the following concepts:
(a) Completeness and transitivity in relation to consumer choices
(b) Inferior product versus a Giffen good
(c) Infinite elastic and complete inelastic demand
ECS2601 Assignment 1 Semester 1 Memo | Due 19 March 2026. All questions fully answered. Question 1
1.1. In your own words, explain how you understand the working of the market mechanism.
The market
1.2. Differentiate between any two of the following concepts:
(a) Completeness and transitivity in relation to consumer choices
(b) Inferior product versus a Giffen good
(c) Infinite elastic and complete inelastic demand
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ECS2601 Assignment 1 Semester 1 Memo | Due 19 March 2026. All questions fully answered. Question 1
1.1. In your own words, explain how you understand the working of the market mechanism.
The market
1.2. Differentiate between any two of the following concepts:
(a) Completeness and transitivity in relation to consumer choices
(b) Inferior product versus a Giffen good
(c) Infinite elastic and complete inelastic demand
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