ouesnon 1 {4 Marks} Table 1.1 below shows the income elasticity of demand and cross elasticity of demand. Given that product, Y, is an inferior good with no close substitutes. It is a compliment to 2. Which best describes Y? Table 1.1 Income elasticity of demand Cross elasticity of demand with products A negative positive B positive negative C negative negative D positive positive QUESTION 2 {4 Marks} The diagram below illustrates a consumer's demand curve for snickers. If the price of Snickers falls from $30 to $20. but the consumer is prohibited from buying more than 5 pairs of the Snickers. by how much will consumer surplus increase? A. $100. B. $?5. C. $50 D. $25. QUESTION 3 {4 Marks} The COVlD-ig pandemic has triggered one oi the worst jobs crises since the Great Depression. Peter lost his job and decides to sell his used car. The minimum amount he needs to be paid for the car is R50 000. He advertises the car on GUMTREE for R80 000. and eventually sells the car for R60 000. His producer surplus is equal to . A. R10 000. B. R20 000. C. R30 000. D. R60 000. ouesnou 4 {4 Marks} Showmax. Net ix and Amazon Prime. all charge R150 per month for streaming veryr similar movies and television services. The most likely cross price elasticity of demand for close substitutes is: A. 2.1 B. 0.1 C. +0.1 D. +2.1 QUESTION 5 Study table 5.1 below and answer the question that follows Table 5.1 {4 Marks} 2020 2021 Average weekly pocket money for senior primary kids R? R335 Cornetto ice cream is a popular snack bought by kids in Senior primary school. Cometto's income elasticity of demand is estimated to be -0.1. Calculate the percentage change in quantity demanded for Cornetto ice cream between 2020 and 2021' ceteris paribus: A. 415% B. 4% C. .2.5% D. 45%