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ECS1501-24-Y Assessments Assessment 10
QUIZ
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oscardiura@gmail.com
Question 1 +27737560989
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I confirm
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 confirm.
I do not confirm.
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Question 2
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The short-run supply curve for a perfectly competitive firm is its
marginal revenue curve to the right of its marginal cost curve.
demand curve above its marginal revenue curve.
marginal cost curve above its average variable cost curve.
average total cost curve below its marginal cost curve.
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, 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.
more; less
less; less
more; more
less; more
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Question 4
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This question is based on the following table showing Koleka’s consumption
of chocolate ice cream.
Number 0 1 2 3 4 5 6 7
of
servings
Total 0 10 25 35 60 60 35 25
utility
What is the marginal utility Koleka derives from the fifth serving she eats?
Answer: 0
, 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 Quantity of coffee Marginal utility
books from comic books from 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 R44, 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
5 cups of coffee and 3 comic books.
, 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 Good X cost R2 per unit and Good Y costs R1 per unit and you
have R4 to spend on both goods. To maximise utility, you would consume
1 units of X and 2 units of Y.
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