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ECS2601 ASSESSMENT 3 SEMESTER 2 2024 BMZ Consider the following demand and supply functions: Demand: Qd = 440 - 40P, Supply: Qs = -120 + 40P. What is the equilibrium price and output? a. P = R3.33 and Q = 500. b. P = R7 and Q = 160. c. P = R4 and Q $2.99   Add to cart
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ECS2601 ASSESSMENT 3 SEMESTER 2 2024 BMZ Consider the following demand and supply functions: Demand: Qd = 440 - 40P, Supply: Qs = -120 + 40P. What is the equilibrium price and output? a. P = R3.33 and Q = 500. b. P = R7 and Q = 160. c. P = R4 and Q
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  • Course
  • Intermediate Microeconomics (ECS2601)
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  • University Of South Africa (Unisa)
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  • Study Guide for Microeconomics

ECS2601 ASSESSMENT 3 SEMESTER 2 2024 BMZ Consider the following demand and supply functions: Demand: Qd = 440 - 40P, Supply: Qs = -120 + 40P. What is the equilibrium price and output? a. P = R3.33 and Q = 500. b. P = R7 and Q = 160. c. P = R4 and Q = 280. d. P = R3 and Q = 560. T...

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  • September 14, 2024
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,9/14/24, 10:45 AM Assessment 3 (page 1 of 15)




UNISA  2024  ECS2601-24-S2  Welcome Message  Assessment 3

QUIZ




Time left 0:43:30

Question 1
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Consider the following demand and supply functions:

Demand: Qd = 440 - 40P, Supply: Qs = -120 + 40P. What is the equilibrium price and output?


a. P = R3.33 and Q = 500.

b. P = R7 and Q = 160.

c. P = R4 and Q = 280.

d. P = R3 and Q = 560.

Clear my choice




Question 2
Answer saved

Marked out of 1.00




The market supply curve is the vertical summation of all the individual supply curves.


Select one:
True

False




https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22221190&cmid=990759 1/1

,9/14/24, 10:45 AM Assessment 3 (page 2 of 15)




UNISA  2024  ECS2601-24-S2  Welcome Message  Assessment 3

QUIZ




Time left 0:43:37

Question 3
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In a certain textile firm, labour is the only short-term variable input. The manager notices

that the marginal product of labour is the same for each unit of labour, which implies that

…


a. the average product of labour is always greater that the marginal product of labour.

b. as more labour is used, the average product of labour decreases.

c. the average product of labour is always less than the marginal product of labour.

d. the average product of labour is always equal to the marginal product of labour.

Clear my choice




Question 4
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Average total cost reaches a minimum where it intersects average variable cost.

Select one:
True

False




https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22221190&cmid=990759&page=1 1/1

, 9/14/24, 10:45 AM Assessment 3 (page 3 of 15)




UNISA  2024  ECS2601-24-S2  Welcome Message  Assessment 3

QUIZ




Time left 0:43:43

Question 5
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When output equals zero, total cost equals fixed cost.


Select one:
True

False




https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22221190&cmid=990759&page=2 1/2

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