100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ECS2601 - Assessment 6 Review - Distinction - 2023 Semester 1 - Due 14 June 2023 $2.81
Add to cart
Quickly navigate to
Preview
  2.  
  3. ECS2601 - Microeconomics
  4.  
  5. ECS2601 - Microeconomics

Exam (elaborations)

ECS2601 - Assessment 6 Review - Distinction - 2023 Semester 1 - Due 14 June 2023
 1 purchase
  • Course
  • ECS2601 - Microeconomics
  • Institution
  • ECS2601 - Microeconomics
  • Book
  • Microeconomics

This document serves as a guide to help reflect on my review of Assessment 6 for ECS2601 due on the 14th of June 2023. This is purely for reflection purposes and shows my decisions on the answers of the assessment as well as the marks I obtained for each answer.

Preview 3 out of 20  pages

Document information

  • June 14, 2023
  • 20
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • ecs2601 assessment 6

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

Written for

  • ECS2601 - Microeconomics
  • ECS2601 - Microeconomics
All documents for this subject (1)

Seller

avatar-seller
economicfactswarehouse

Reviews received

Content preview

MENU 


Dashboard / My courses / ECS2601-23-S1 / Welcome Message / Assessment 6

Started on Wednesday, 14 June 2023, 4:11 AM
State Finished
Completed on Wednesday, 14 June 2023, 5:42 AM
Time taken 1 hour 30 mins
Marks 52.00/60.00
Grade 86.67 out of 100.00

,Question 1

Complete

Mark 2.00 out of 2.00


MENU

Read the following excerpt from Business Tech below and consider the Profit Payoff matrix to answer the question that follow:
Dashboard / My courses / ECS2601-23-S1 / Welcome Message / Assessment 6


Competition Commission charges Wesbank and Toyota for collusion



“The Competition Commission has referred motor vehicle finance groups FirstRand Bank, Wesbank, and Toyota Financial Services South
Africa Limited (TFS) to the Competition Tribunal for prosecution on allegations of dividing the market by allocating customers or suppliers.



The Commission’s investigation revealed that Wesbank and TFS entered into an agreement to divide markets by allocating customers or
suppliers in the market for the provision of vehicle finance in contravention of section 4(1)(b)(ii) of the Competition Act. The motor vehicle
finance market includes offering vehicle finance, leases, and dealerships financing.


“FirstRand Bank Limited (FirstRand), through its WesBank division, and TFS are involved in the provision of vehicle finance services. They are
therefore supposed to compete. They, however, concluded a shareholder agreement which contains clauses that prevent them from
competing,” the commission said.”




What would happen should either of the two companies decide on their own to continue with providing vehicle finance at the collusion level
while the other provide finance at the cournot level?




a. The profits of both Toyota and Wesbank will not be affected.



b.
The company providing finance at the collusion level will gain more profit.



c. The company providing finance at the cournot level will gain less profit.



d.
The company providing finance at the collusion level will gain less profit.

, Question 2

Complete

Mark 2.00 out of 2.00


MENU

Which of the following is/are TRUE regarding the average revenue?
Dashboard / My courses / ECS2601-23-S1 / Welcome Message / Assessment 6


a. AR(Q) = D

b. AR(Q) > MR(Q)

c. AR(Q) = P(Q)

d. All of the options are true.




Question 3

Complete

Mark 0.00 out of 2.00




Suppose that a competitive firm’s marginal cost of producing output q is given by
MC(q) = 3 + 2q. Assume that the market price of the firm’s product is R9.
What is the firm’s producer surplus?



a. 6

b. 2.25

c. 4.5

d. 9




Question 4

Complete

Mark 2.00 out of 2.00




Suppose that an industry is characterized as follows:
C = 100 + 2q2 each firm’s total cost function

MC = 4q firm’s marginal cost function

P = 90 – 2Q industry demand curve

MR = 90 – 4Q industry marginal revenue curve
If there is only one firm in the industry, find the monopoly level of profit.



a. R550

b. R40.62

c. R55

d. R406.25

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 economicfactswarehouse. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $2.81. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69052 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$2.81  1x  sold
  • (0)
Add to cart
Added