Exam (elaborations)
Ecs1501 Assignment 8 Semester 2 2023
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10/11/23, 8:35 PM Assessment 8: Attempt reviewUNISA 2023 ECS1501-23-S2 Assessments Assessment 8
QUIZ
Started on Wednesday, 11 October 2023, 8:20 PM
State Finished
Completed on Wednesday, 11 October 2023, 8:40 PM
Time taken 30 mins 12 secs
Marks 11.33/12.00
Grade 98.11 out of 100.00
Question 1
Complete
Not graded
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.
Question 2
Complete
Mark 1.00 out of 1.00
Utility is best de ned as
the price a consumer is willing to pay for a good or service.
satisfaction obtained from consuming the good or service.
the additional satisfaction derived from consuming a good or service.
usefulness of a good or service.
Utility is best de ned as the satisfaction from consuming the good or service.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14117331&cmid=622809 1/9
, 10/11/23, 8:35 PM Assessment 8: Attempt review
Question 3
Complete
Mark 1.00 out of 1.00
What does an economist understand by the term “utility”?
how often we consume a good
how much satisfaction a consumer gets from the substitution of one good for
another
how much satisfaction or bene t we get from consuming a good
how much it costs to buy a good
In economics, utility refers to the subjective measure of satisfaction or bene t that
individuals derive from consuming goods and services. It is a concept used to
understand and analyse consumer behaviour and choices. Utility is about the
satisfaction the consumer gets from consuming a good and not how often the good
is consumed or how much it cost.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=14117331&cmid=622809 2/9
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