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Ecs1501 Assignment 10 2024 Year module
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Ecs1501 Assignment 10 2024 Year module
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By: kefilwemotshudi • 1 week ago
By: SmartTutors • 3 weeks ago
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Assessment 10 (page 1 of 11) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23ECS1501-24-Y Assessments Assessment 10
QUIZ
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Question 1
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I con�rm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of
this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I con�rm.
I do not con�rm.
Clear my choice
Question 2
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If P = AC, a perfectly competitive �rm
produces output and earns an economic pro�t.
produces output and earns zero economic pro�t.
does not produce output and incurs an economic loss.
produces output and incurs an economic loss.
Clear my choice
1 of 1 2024/10/19, 11
,Assessment 10 (page 2 of 11) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23
ECS1501-24-Y Assessments Assessment 10
QUIZ
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Question 3
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Lerato purchases a combination of eyeliner and lipstick such that MUeyeliner/ Peyeliner = 250 and MUlipstick/Plipstick = 300. To
maximise utility, she should buy _____ eyeliner and _____ lipstick.
less; more
less; less
more; more
more; less
Clear my choice
Question 4
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This question is based on the following table showing Koleka’s consumption of chocolate ice cream.
Number of 0 1 2 3 4 5 6 7
servings
Total utility 0 10 25 35 60 60 35 25
Koleka’s marginal utility is zero when she eats 5 chocolate ice creams.
1 of 1 2024/10/19, 12
,Assessment 10 (page 3 of 11) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23
ECS1501-24-Y Assessments Assessment 10
QUIZ
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Question 5
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This question is based on the following table.
Utility from comic book consumption Utility from coffee consumption
Quantity of comic Marginal utility from Quantity of coffee Marginal utility from
books comic books coffee
0 0 0 0
1 8 1 7
2 7 2 6
3 6 3 5
4 5 4 4
5 4 5 3
Your eccentric Economics professor has a daily budget of R24, and he spends it entirely on coffee and comic books. Each
comic book is priced at R8 and each cup of coffee is priced at R4. To maximise his utility, he should buy 2 cups of coffee
and 2 comic books.
1 of 2 2024/10/19, 12
,Assessment 10 (page 3 of 11) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23
Question 6
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This question is based on the following table.
Units of Good X Marginal utility of Units of Good Y Marginal utility of
Good X Good Y
1 20 1 12
2 16 2 10
3 12 3 8
4 8 4 6
5 4 5 4
6 0 6 2
Assume that goods X and Y both cost R1 per unit and you have R7 to spend on both goods. To maximise utility, you would
consume 4 units of X and 3 units of Y.
2 of 2 2024/10/19, 12
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