Exam (elaborations)
Ecs1501 Assignment 8 Semester 2 2023
- Course
- Institution
The document contains Assignment question Together with answers Distinction Guaranteed 100% multiple Attempts done Whtsapp
[Show more]
1 review
By: keneilwejoy • 1 year ago
Seller
Follow
SmartTutors
Reviews received
Content preview
5/16/23, 1:14 AM Assessment 8 (page 2 of 7)MENU
Dashboard / My courses / ECS1501-23-S1 / Assessments / Assessment 8
Question 2
Not yet answered
Marked out of 1.00
Which of the following is a synonym for the word utility?
profits
consumption
usage
satisfaction
Clear my choice
Question 3
Not yet answered
Marked out of 1.00
What does an economist understand by the term “utility”?
how much it costs to buy a good
how often we consume a good
how much satisfaction or benefit we get from consuming a good
how much satisfaction a consumer gets from the substitution of one good for another
Clear my choice
◄ Forum - Assessment 8
Jump to...
Assessment 9 ►
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=10664267&cmid=604695&page=1 1/1
,5/16/23, 1:16 AM Assessment 8 (page 3 of 7)
MENU
Dashboard / My courses / ECS1501-23-S1 / Assessments / Assessment 8
Question 4
Not yet answered
Marked out of 1.00
The relationship between total utility and marginal utility is as follows:
As total utility increases at a decreasing rate, marginal utility increases.
As total utility starts to decline, marginal utility becomes positive.
As total utility increases at a decreasing rate, marginal utility decreases.
When total utility is at a maximum point, marginal utility is at its maximum.
Clear my choice
Question 5
Not yet answered
Marked out of 1.00
Which of the following examples illustrates the law of diminishing marginal utility?
I do not eat bananas, as they make me nauseous.
After I had drunk a Coca-Cola, I bought another, but it was not as good as the first.
A mother loves all her children equally.
The more Will Smith movies I watch, the more I like them.
Clear my choice
◄ Forum - Assessment 8
Jump to...
Assessment 9 ►
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=10664267&cmid=604695&page=2 1/1
,5/16/23, 1:18 AM Assessment 8 (page 4 of 7)
MENU
Dashboard / My courses / ECS1501-23-S1 / Assessments / Assessment 8
Question 6
Not yet answered
Marked out of 1.00
The total utility gained from consuming additional units of a good will increase if _____
expenditure on the good increases.
the marginal utility is positive.
the opportunity cost of consuming rises.
the marginal utility is zero.
Clear my choice
Question 7
Not yet answered
Marked out of 1.00
Based on the following information on the marginal utility and price of ice cream, chocolate, cool drink and bread:
The marginal utility of chocolate is 72 and the price is R3.
The marginal utility of ice cream is 100 and the price of ice cream is R5.
The marginal utility of cool drink is 120 and the price is R10.
The marginal utility of bread is 60 and the price is R12. 5
Which one has the highest weighted marginal utility
chocolate
bread
ice cream
cold drink
Clear my choice
◄ Forum - Assessment 8
Jump to...
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=10664267&cmid=604695&page=3 1/2
, 5/16/23, 1:18 AM Assessment 8 (page 4 of 7)
Assessment 9 ►
MENU
Dashboard / My courses / ECS1501-23-S1 / Assessments / Assessment 8
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=10664267&cmid=604695&page=3 2/2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SmartTutors. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.85. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now