After you finish Module 2, complete this assignment and submit it to your Open Learning Faculty Member for marking. The

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After You Finish Module 2 Complete This Assignment And Submit It To Your Open Learning Faculty Member For Marking The 1 (34.16 KiB) Viewed 59 times

After you finish Module 2, complete this assignment and submit it to your Open Learning Faculty Member for marking. The assignment has five questions worth 20 marks each, for a total of 100 marks, and counts for 12 per cent toward your final course grade. 1. a. Explain as fully as possible why its important for economists to distinguish between demand and quantity demanded. Use graphs to illustrate. (8 marks) b. Use the following demand function, Qx=f(Px, Py, 1) where there are no other variables affecting Qx, and Ox = quantity of good X Px - price of good X Py - price of good Y 1 - income of consumer To explain: i. An increase in the quantity demanded for good X. Illustrate your answer with an appropriate graph. (4 marks) ii. An increase in the demand for good X. Illustrate your answer with an appropriate graph. (8 marks)