Started on Wednesday, 10 April 2024, 12:23 PM
State Finished
Completed on Wednesday, 10 April 2024, 1:53 PM
Time taken 1 hour 30 mins
Marks 28.00/30.00
Grade 93.33 out of 100.00
Question 1
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A firm producing five units of output ha...
Started on Wednesday, 10 April 2024, 12:23 PM
State Finished
Completed on Wednesday, 10 April 2024, 1:53 PM
Time taken 1 hour 30 mins
Marks 28.00/30.00
Grade 93.33 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
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Question text
A firm producing five units of output has an average total cost of R100 and has to pay
R250 to its fixed factors of production. The average variable cost is …
a.
R50
b.
R200
c.
R100
d.
R250
Question 2
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Suppose the price of flour, an ingredient used to make bread, increases. Which of the following is
true regarding the price and the quantity supply of bread.
a.
There will be an increase in the price of bread and a decrease in the quantity supplied.
,b.
There will be an increase in the price of bread and an increase in the quantity supplied.
c.
There will be an increase in the price of bread and no change in the quantity supplied.
d.
There will be no effect on the price of bread and quantity supplied.
Question 3
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The demand for potatoes is: Qd = 120 -P
The supply of potatoes is: QS = 5P
What is the equilibrium price of books?
a.
5
b.
10
c.
20
d.
15
Question 4
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, Mark 1.00 out of 1.00
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Consider the following three market baskets.
Food Clothing
A 6 3
B 8 5
C 5 8
If preferences satisfy all four of the usual assumptions …
a.
A is on the same indifference curve as B.
b.
B is on the same indifference curve as C.
c.
A is preferred to C.
d.
B is preferred to A.
Question 5
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