Started on Tuesday, 26 March 2024, 2:16 PM
State Finished
Completed on Tuesday, 26 March 2024, 2:54 PM
Time taken 37 mins 56 secs
Marks 17.00/20.00
Grade 85.00 out of 100.00
Question 1
Suppose you are in charge of a toll bridge that costs essentially nothing to operate. The demand for bridge crossings Q is given by P = 15
Complete - 0.5Q.
M ark 1.00 out of If you were to draw a graph what will the y and x intercepts be.
1.00
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a. y = 30, x = 15
b. y = 0.5, x = 15
c. y = 15, x = 30
d. y = 15, x = 0.5
Question 2
Imagine that there are only three consumers in a particular market for apples: Andrew, John and Michael. We are interested in the
Complete demand for apples. The demand equations for the three consumers are as follows:
M ark 1.00 out of
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Andrew: Qd = 10 - 2P
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John: Qd= 8 - P
Michael: Qd = 14 - 2P
If the price of apples is R3/kg, how much would the demand for the market as a whole be?
, a. 17
b. 22
c. 32
d. 27
Question 3 If two perfect complements, a keyboard and a computer, are being considered and the price of the keyboard only is increased, then the
Complete substitution effect of the price change will …
M ark 1.00 out of
1.00 a. be negative because keyboards and computers are perfect substitutes.
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b. be negative because keyboards are inferior goods.
c.
be 0 because it is impractical to have more keyboards and fewer computers.
d.
be positive because the consumer feels poorer.
Question 4
The substitution effect of a price decrease for a good with a normal difference curve pattern is graphed by …
Complete
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a. doing none of the above because the substitution effect cannot be graphed.
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b. drawing a new budget line parallel to the initial budget line but tangent to the indifferent curve attained at the new price.
c. drawing a new budget line tangent to the original indifference curve but at the slope of the new price of the good.
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